USDJPY: The pair took back its previous week gains to close lower the past week. This development leaves risk lower in the days ahead. On the downside, support comes in at the 106.00 level where a break if seen will aim at the 105.50 level. A cut through here will turn focus to the 105.00 level and possibly lower towards the 104.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 107.00 level. Further out, we envisage a possible move towards the 107.50 level. Further out, resistance resides at the 108.00 level with a turn above here aiming at the 108.50 level. On the whole, USDJPY looks to build up on price weakness.
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