USDJPY: More upside offensive is now underway following its strong close for a second week in a row the past week. This development leaves USDJPY targeting further upside towards the 100.00 level where a breach will aim at the 100.71 level. A cut through here will pave the way for a run at the 102.51 level and then the 103.73 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk is for the pair to reverse its past week recovery and recapture the 98.69 level where a violation if seen will turn focus to the 97.95 level. Further down, support comes in at the 95.50 level and then the 93.78 level. On the whole, USDJPY maintains a bullish bias follow two successive weeks of bullish offensive.
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