Daily Technical Strategist on USDJPY
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USDJPY: Recovering With Caution
USDJPY: Broader outlook for USDJPY may be higher in the medium term but faces consolidation to downside threats in the short term. While the 120.47/81 zone caps, our bias remains lower. On the downside, support comes in at the 119.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.00 level followed by the 116.00 and then the 115.00. On the upside, resistance resides at the 120.00 level. Below here will aim at the 121.00 level where a break will target the 122.00 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 124.00 level. On the whole, USDJPY remains exposed to the upside medium term but faces bear threats.