USD/JPY Sees Recovery Higher On Loss Of Bearish Momentum

USD/JPY: USD/JPY lost its downside momentum to close higher on a long-tailed candle on Thursday. This development leaves risk higher with a possible run at the 119.50 level. Above here will clear the way for more strength build up towards the 120.00 level with a break targeting the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will turn focus to the 121.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 level. On the whole, USD/JPY remains exposed to the upside having failed to extend its weakness on Thursday.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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