USDJPY: Bullish, Sees Further Strength
USD/JPY reversed down from the last week’s 6-month high of 102.60 on the news that the one of the authors of Japan's aggressive stimulus, Economics Minister Akira Amari, was hospitalized. The pair has filled the morning bullish gap and dipped lower to 102.22. BOJ Governor Haruhiko Kuroda said today he wouldn’t hesitate to adjust policy fanning speculation the bank could take more easing steps next year.
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USDJPY: With continued bullishness seen during Monday trading session, further upside offensive is likely in the days ahead. Further out, resistance resides at the 102.50 level. A breach of here will aim at the 103.00 level followed by the 103.73 level. Above here if seen will target the 104.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support lies at the 101.52 level where a reversal of roles is likely. However, a turn below here will aim at the 100.60 level where a violation will target the 100.00 level. Further down, support comes in at the 99.00 level. On the whole, USDJPY maintains its bullish bias.