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USDJPY: Eyes Further Downside Pressure

USDJPY: With the pair following through lower during Wednesday trading session, further bearishness is likely. On the upside, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. A break will target the 121.00 level. Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. Conversely, support comes in at the 119.00 level where a break will target the 118.47 level. Below here if seen will aim at the 118.00 level followed by the 117.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the whole, USDJPY remains exposed to the downside in the short term

USDJPYproDaily

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