With USDJPY triggering a recovery higher following through on the back of its Friday gains, the risk is for more gains to occur. Further out, resistance resides at the 102.15 level where a breach will turn focus to the 103.00 level.
Further out, resistance is seen at the 103.50 level and then the 104.00 level. Its daily RSI has turned higher supporting this view.
On the other hand, support lies at the 101.32 level where a violation will aim at the 100.75 level where a break will aim at the 100.00 level followed by the 99.00 level and possibly lower towards the 98.50 level..
On the whole, USDJPY remains exposed to the downside but faces corrective recovery higher risk.
Guest post by FX Tech Strategy
