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With USDJPY breaking out of consolidation to the downside, there is risk of further weakness.

Support lies at the 102.00 level with a breach of here targeting the 101.32 level where a violation will aim at the 100.75 level and then the 100.00 level followed by the 99.00 level.

On the other hand, resistance resides at the 102.72 level where a break will aim at the 103.00 level. A breach will turn focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level.

Its daily RSI has turned higher supporting this view. On the other hand, On the whole, USDJPY remains exposed to the downside.



Guest post by FX Tech Strategy