FX.co ★ USDJPY above 134 as expected.

analysis of USDJPY two days ago, we noted that it was justified for price to make an upward bounce towards 134-135. Within the last 24 hours, price has bounced strongly from 130.42 to 134.56 where we find the first important short-term horizontal resistance level. The RSI has not reached overbought levels yet. Price is making higher highs and higher lows in the 4 hour chart. Price has potential to reach the next resistance level at 135.90-135.70 if bulls manage to break above 134.60. Support is at 133.80 and next at 132.30. In the near term I believe USDJPY has more upside left.