USDJPY: Follows Through Higher On Correction
USDJPY: The pair followed through higher on the back of its Tuesday strength on Wednesday. This price development leaves the pair targeting more upside in the days ahead. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.00 level. Further out, we envisage a possible move towards the 110.50 level. Further out, resistance resides at the 111.00 level with a turn above here aiming at the 111.50 level. On the whole, USDJPY looks to build up on its price recovery.
Originally published at www.fxtechstrategy.com on April 13, 2016.