HomeContributorsTechnical AnalysisUSDJPY Recovers, Sees Price Extension

USDJPY Recovers, Sees Price Extension

USDJPY looks to strengthen further following its rally during its Wednesday trading session. On the downside, support stands at 104.50 level. Below this level will turn attention to the 104.00 level. Further down, support is seen at the 103.50 level. A break through here will open the door for more decline towards the 103.00. On the upside, resistance comes in at the 105.00 level where a break will target the 105.50 level. Below that level will turn focus to the 106.00 level and then lower towards the 106.50 level. Its daily RSI is bullish and pointing higher suggesting more gain. On the whole, USDJPY faces further upside threats in the days ahead.

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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