USDJPY: Having taken back all of its intra day gains to close flat on Monday and triggering a corrective weakness on Tuesday, USDJPY remains weak and vulnerable on pullback in the days ahead. On the downside, support comes in at the 122.00 level where a break if seen will aim at the 121.50 level. A cut through here will turn focus to the 121.00 level and possibly lower towards the 120.50 level. On the upside, resistance resides at the 123.00 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 123.50 level. Further out, resistance resides at the 124.00 level with a turn above here aiming at the 124.50 level. A break will target the 125.00 level. On the whole, USDJPY remains weak and vulnerable on corrective pullback.
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