USD/JPY Biased To Upside On Corrective Recovery
USD/JPY remains biased to the upside on corrective as we expect more strength in the days ahead. On the upside, resistance comes in at 109.00 level. Above here will turn attention to the 109.50 level. Further out, we expect a possible move toward the 110.00 level if the earlier resistance is taken out.
A break of here will open the door for more gain toward the 110.50. Its daily RSI is bearish and pointing higher suggesting further weakness. On the downside, support comes in at the 108.00 level where a break will target the 107.50 level. Below that level will turn focus to the 107.00 level and then lower toward the 106.50 level. On the whole, USD/JPY faces further upside on corrective recovery.