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USDJPY: Consolidation Sets In But With Upside Bias

USDJPY: Corrective pullback may have ended leaving the pair threatening its medium term trend resumption. If this is seen, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. A break will target the 125.50 level. Further out, resistance comes in at the 126.00 level where a violation will aim at the 126.50 level. Conversely, support comes in at the 123.50 level where a break will target the 123.00 level. Below here if seen will aim at the 122.50 level followed by the 122.00 level. On the whole, USDJPY remains exposed to the upside.

USDJPYDaily

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