USDJPY: Recovers Above 112.63 But With Caution…
As long as 112.63 – broken resistance turned 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 113.09. A break will open 113.63 (main). Above that level will reverse risk to the upside to 114.20 ahead of 114.55 level.
On the downside, a rejection from 113.09 could mean a return to 112.63 level. A cut through support will turn the focus back again to 112.20 level, further down, support comes at 111.65 ahead of 111.05 level.
Conclusion: The USDJPY sees recovery threats above 112.63 with caution. But recovery above 112.63 should be limited by 113.63 level.
Support: 112.63, 112.20, 111.65, 111.05
Resistance: 113.09, 113.63, 114.20, 114.55