USDJPY: Recovering But Vulnerable Medium Term…
The USDJPY remains in a recovery mode and further upside couldn’t be ruled out, as long as the pair trades above 107.22 levels on a daily closing basis. Resistance comes at 108.83 level. A break would open 110.65 level. A halt is likely, it may turn lower from here, But above 110.65 open 112.00 next, further upside, resistance comes in the 113.55 levels.
Medium-term outlook: Recovery from 101.17 may extend to 109.55/110.45 where strong rejection is very likely…
On the downside, immediate support comes at 107.22 level. Below 107.22 sees a falling threat to 105.83 level ahead of 104.50 level before the next rise.
In conclusion: The USDJPY faces recovery threats above 104.50/105.83 levels.
Support: 107.22, 105.83, 104.50, 103.00, 102.25
Resistance: 108.83, 110.65, 112.00, 113.55, 115.40