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USDJPY Vulnerable, Extends Weakness

USDJPY looks to move further lower after selling off on Wednesday. On the downside, support comes in at 105.00 level. Below this level will turn attention to the 104.50 level. Further down, support is seen at the 104.00 level. A cut through here will open the door for more decline towards the 103.50. Its daily RSI is bearish and pointing lower suggesting further decline. On the upside, resistance comes in at the 105.50 level where a break will target the 106.00 level. Below that level will turn focus to the 106.50 level and then lower towards the 107.00 level. On the whole, USDJPY faces further downside threats.

Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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