USDJPY: With USDJPY seeing price recovery higher, it faces risk of a recapture of the 123.18 level. On the upside, resistance resides at the 123.50 level with a turn above here aiming at the 123.50 level. A break will target the 124.00 level. Further out, resistance comes in at the 124.50 level. Its daily RSI has turned higher supporting this view. On the downside, support comes in at the 122.50 level where a break will target the 122.00 level. Below here if seen will aim at the 121.50 level. A turn below here will open the door for a move lower towards the 120.50 level. On the whole, USDJPY remains exposed to the downside short term despite recovery.
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