USDJPY: Strengthens, Rallies Through Key Resistance

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By Mohammed Isah | November 22, 2012 1:44 AM EST

USDJPY: With a strong higher close seen on Tuesday and a follow through now underway, further upside offensive looks to continue. This leaves USDJPY targeting the 82.77 level as the next upside target with a violation of here opening the door for a run at the 83.30 level and possibly higher towards the 84.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. Alternatively, support comes in at the 81.44 level followed by the 80.65 level where a reversal of roles is likely to occur. However, a violation of here will call for a run at the 79.21/09 levels. Further down, support comes at the 78.00 level. Further down, support lies at the 77.13/00 levels. All in all, USDJPY continues to face further upside threat.

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