USDJPY: With USDJPY following through higher on the back of its Wednesday higher close during Thursday trading session, it now faces the risk of further bullish offensive.
This development leaves the pair targeting the 101.11 level, representing its May 15 2014 high. A decisive break and hold above here will set the stage for a run at the 102.77.00 level. A breach will turn focus to the 103.50 level and then the 104.00 level.
Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 101.09 level where a break if seen will aim at the 100.75 level. Further down, support stands at the 100.00 level and then the 99.00 level. On the whole, USDJPY remains exposed to the upside on corrective recovery.
Guest post by FX Tech Strategy.
