USDJPY: Recovery Continues, Eyes On 113.83 Level…
As long as 113.17 support holds on a daily closing basis, the USDJPY remains in a recovery mode and further upside couldn’t be ruled out. Resistance comes at 113.40 level. A sustained breakout – daily closing – above that level will open 113.83. A further upside, resistance comes at 114.20 ahead of 114.53 levels.
On the downside, a failure to hold above 113.40 level on a daily closing basis could mean a return to 113.17 level where a cut will aim 112.29 level. below 112.29 restores the downside momentum and aims 111.75 level.
Conclusion: The USDJPY sees recovery threats above 113.17 with caution…
Support: 113.17, 112.29, 111.75, 111.05
Resistance: 113.40, 113.83, 114.20, 114.75
According to the 1-hour chart, the pair is bullish, a sudden rise to 113.80 is likely.