Daily Technical Strategist on USDJPY
The USD continues to gain on JPY daily, uptrend at current price of 120.19; I feel that there will be a reversal in the coming weeks but first the pair may touch as high as 121.70. I will actually waiting for the reversal entry price 119.50 while monitoring the price movement on Profiforex MT4 platform.
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USDJPY: Follows Through On Recovery
USDJPY: Having followed through on the back of its rejection candle on Thursday during Monday’s trading session, more strength is expected. On the upside, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. A break will target the 121.00 level. Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 level. On the whole, USDJPY remains exposed to the upside in the immediate term.