USDJPY: With USDJPY strengthening for a second day in a row today, further bullishness is envisaged. However, it requires a convincing break and hold above the 102.72 level to create scope for more upside.
Resistance comes in at the 103.00 level where a breach will turn focus to the 103.50 level.
Further out, resistance is seen at the 104.00 level and then the 104.50 level. On the other hand, support stands at the 102.00 level where a break if seen will aim at the 101.50 followed by the 101.00 and then the 100.75 level.
Further down, support stands at the 100.00 level followed by the 99.00 level. On the whole, USDJPY remains exposed to the upside on corrective recovery risk.
Guest post by FX Tech Strategy
