USDJPY: Retains Bullish Tone With Eyes On 112.14/50 Zone

Forex Trades • Sep 14, 2018 at 11:11 AM EDT

The USDJPY pair continues to retain its upside pressure following a rally on Thursday. This development leaves risks of more recovery towards 112.14/50 levels.

The USDJPY pair continues to retain its upside pressure following a rally on Thursday.

This development leaves risks of more recovery towards 112.14/50 levels. Further up, resistance resides at the 113.00 level. A move above here will open the door for more gain towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level.

Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 111.50 level where a break if seen will aim at the 111.00 level. A cut through here will turn focus to the 110.50 level and possibly lower towards the 110.00 level. On the whole, USDJPY faces further upside pressure.

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