USDJPY: Recovers Further Higher, Eyes 118.00 Zone

Discussion in 'Stock picks and trading strategies' started by FXTechstrategy, Jan 2, 2017.

  1. USDJPY: The pair looks to recover higher following a move further higher on Monday. On the downside, support comes in at the 117.00 level where a break if seen will aim at the 116.50 level. A cut through here will turn focus to the 116.00 level and possibly lower towards the 115.50 level. On the upside, resistance resides at the 118.00 level. Further out, we envisage a possible move towards the 118.50 level. Further out, resistance resides at the 119.00 level with a turn above here aiming at the 119.50 level. Its daily RSI is bullish and pointing higher suggesting further u[side pressure. On the whole, USDJPY looks to extend its upside pressure.

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