With USDJPY reversing its Tuesday losses, further upside is expected towards the 102.82 level. A cut through here will open the door for more gain towards the 103.43 level, its Jan 29 2014 high.
Above here will set the stage for a run at the 104.oo level. Further out, resistance comes in at the 104.50 level and then the 105.00 level.
Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support stands at 102.00 level where a violation will expose the 101.43 level, its Feb 07 2014 low.
Further down, support stands at the 100.00 level with a cut through here paving the way for a run at the 99.50 level. A loss of that level will turn attention to the 99.00 level, its big psycho level. On the whole, USDJPY remains exposed to the upside for more strength.
Guest post by FX Tech Strategy
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