USD/JPY: Bullish, Builds On Long Term Uptrend

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USD/JPY: With the pair bullish and threatening further upside, the risk is for more strength to occur in the new week. As long as USD/JPY trades and holds above the 103.73 level, our upside view remains valid. Resistance resides at the 105.00 level. Above here will resume its broader upside towards the 106.00 level.

Further out, resistance resides at the 106.50 level with a violation of here turning focus on the 107.00 level. Its weekly RSI is bullish and pointing higher supporting this view.

On the downside, support resides at the 104.50 level where a breach will aim at the 103.73 level. A reversal of roles is likely to occur here and turn the pair higher. Further down, support lies at the 102.15 level and then the 101.50 level.

On the whole, USDJPY remains exposed to the upside medium term.

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