USDJPY: Retains Its Bullish Offensive Bias.

[FXTechstrategy]

USDJPY: With the pair bullish and threatening further upside, more gains are likely in the days ahead. Resistance resides at the 105.00 level. Above here will resume its broader upside towards the 105.50 level. Further out, resistance resides at the 106.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 103.00 level followed the 102.15 level. Further down, the 101.50 level and the 101.00 level come in as the next support followed by the 100.50 level. On the whole, USDJPY remains exposed to the upside medium term.

[piplaser]

The outlook for this currency trading instrument remains unchanged until the condition mentioned here is fulfilled. Owing to the ongoing struggle between bulls and bears, the currency trading instrument has become quite choppy because there is not yet a strong directional movement. By the next week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be fulfilled before it can be said that the consolidation phase in the market is over.