USDJPY: Outlook Remains Higher But With Caution!

As long as 110.24/109.23 support holds on a daily closing basis, the USDJPY remains on the upside to the 111.04 levels, a halt is likely and a reversal may occur, however; a breakthrough that level would open 112.18 levels, further upside resistance at the 113.15 levels.

On the downside, a failure to take out the 110.24 levels could mean a return to the 109.23 levels where another rise is likely, below that level will reverse risks to the downside to the 108.12/107.35 levels.

Conclusion: The USDJPY continues to face upside threats above the 109.23 levels but with caution…

Note: Minor support comes at the 110.24 levels, a sustained breakout below that level will open main support at the 109.23 levels, remember that US data is supposed to bring a buying opportunity today.

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