USDJPY: With USDJPY continuing to hold on to its upside pressure, more recovery higher is expected though hesitating. While the 110.58 zone remains unbroken, we may continue to price hesitation. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.50 level. Further out, we envisage a possible move towards the 111.00 level. Further out, resistance resides at the 111.50 level with a turn above here aiming at the 112.00 level. On the whole, USDJPY looks to build up on price recovery but with caution.
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