USDJPY: The pair turned lower sharply on Friday leaving risk of more weakness on the cards. On the downside, support comes in at the 103.00 level where a break if seen will aim at the 102.50 level. A cut through here will turn focus to the 102.00 level and possibly lower towards the 101.50 level. On the upside, resistance resides at the 103.50 level. Further out, we envisage a possible move towards the 104.00 level. Further out, resistance resides at the 104.50 level with a turn above here aiming at the 105.00 level. On the whole, USDJPY looks to weaken further on bear pressure.
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