USDJPY: With USDJPY rallying strongly to close above its key resistance at the 102.35 level during Monday trading session, it now faces the risk of price extension.
A cut through here will target the 102.77.00 level with a breach of here if seen turning focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. Its daily RSI is bullish and pointing higher supporting this view.
On the downside, support comes in at the 102.13 level where a reversal of roles as support is expected. A violation will aim at 102.49 level and then the 101.00 level.
A break if seen will aim at the 101.50 followed by the 100.72 and then the 100.00 level. On the whole, USDJPY remains exposed to the upside medium term.
Guest post by FX Tech Strategy
