USD/JPY Recovers, Sees Price Extension

USD/JPY looks to strengthen further following its rally during its Wednesday trading session. On the downside, support stands at 104.50 level. Below this level will turn attention to the 104.00 level. Further down, support is seen at the 103.50 level. A breakthrough here will open the door for more decline towards the 103.00. On the upside, resistance comes in at the 105.00 level where a break will target the 105.50 level. Below that level will turn focus to the 106.00 level and then lower towards the 106.50 level. Its daily RSI is bullish and pointing higher suggesting more gain. On the whole, USD/JPY faces further upside threats in the days ahead.

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