USD/JPY: While its immediate risk remains higher, USD/JPY will have to break and hold above its declining trendline to prevent a return to the downside. Supports come in at the 96.56/18 levels. Below here if seen will aim at the 95.00 level where a violation will aim at the 94.50 level.
Alternatively, on continued recovery, resistance resides at the 98.47 level where a break will create scope for a return to the 99.00 level and then the 100.60 level. A violation of here will aim at the 101.52 level.
Further out, resistance resides at the 102.00 level. On the whole, USD/JPY is exposed to the downside.
Guest post by FX Tech Strategy
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