USDJPY: Bullish, Set To Extend Further Upside

With USDJPY breaking through its key resistance at the 111.04 levels, further upside is likely towards the 112.18 levels, a cutout may occur and turn the pair back lower to the 111.04 levels but if this fails to occur, expect the pair to extend gains to the 113.15 levels ahead of the 114.00 levels.

On the downside, support stands at the 111.04 levels, with a break below here turning the focus on the 110.25 levels, further down, support lies at the 109.23 levels.

Conclusion: The USDJPY continued to face upside threats above the 111.04 levels with risk towards the 112.18 levels, below 111.04 sees a pullback risk to the 110.25/109.23 levels before another rise…

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