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USDJPY Reverses Gains, Set To Weaken Further

Summary

USDJPY: With the pair taking back its gains to close lower on Thursday. On the downside, support comes in at the 109.50 level where a break if seen will aim

USDJPY: With the pair taking back its gains to close lower on Thursday. On the downside, support comes in at the 109.50 level where a break if seen will aim at the 109.00 level. A cut through here will turn focus to the 108.50 level and possibly lower towards the 108.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 110.50 level. Further out, we envisage a possible move towards the 111.00 level. Further out, resistance resides at the 111.50 level with a turn above here aiming at the 112.00 level. On the whole, USDJPY looks to weaken further short term.

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