Daily Technical Strategist Mar 08-2013 - Written by Mohammed Isah
USDJPY: Strengths, Resumes Medium Term Uptrend.
USDJPY: With USDJPY rallying through the 94.45 level to resume its broader upside, there is risk of continued strength towards the 96.00 level. A cut through here will call for a run at the 96.50 level where a breach will target the 97.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 94.45 level where a reversal of roles is likely to occur and turn it higher. Further down, support stands at the 93.50 level and then the 93.00 level. A cut through there will aim at the 92.00 level. All in all, USDJPY remains biased to the upside in the medium term.
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