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USDJPY: Remains On Recovery Offensive

USDJPY: With the pair reversing its Tuesday losses on Wednesday, further bullishness is likely. On the downside, support comes in at the 112.50 level where a break if seen will aim at the 112.00 level. A cut through here will turn focus to the 111.50 level and possibly lower towards the 111.00 level. On the upside, resistance resides at the 113.50 level. Further out, we envisage a possible move towards the 114.00 level. Further out, resistance resides at the 114.50 level with a turn above here aiming at the 115.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJPY looks to build up on price recovery.

USDJPY: Remains On Recovery Offensive

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