USD/JPY: The pair’s recovery triggered off the 118.05 level on Oct 15 2015 remains intact and intact. The immediate risk is for USD/JPY to retarget its range top at 121.23 zone. On the upside, nearby resistance stands at the 120.00 level. Above here will aim at the 120.50 level with a violation turning focus to the 121.00 level.

Further out, resistance comes in at the 121.50 level and then the 122.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 119.00 level where a break will target the 118.50 level. Below here if seen will aim at the 118.00 level and followed by the 117.50 level. On the whole, USD/JPY remains exposed to the upside with eyes its range top.

 

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