USDJPY: With the pair experiencing a second day of weakness on Tuesday, risk of a move further lower is expected. On the downside, support comes in at the 119.00 level where a break will target the 118.50 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 suggesting further weakness. On the upside, resistance resides at the 120.50 level with a turn above here aiming at the 121.00 level. A break will target the 121.50 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 122.50 level. On the whole, USDJPY remains exposed to the downside on pullbacks.
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