USDJPY: Bearish, Retains Its Downside Pressure

USDJPY: The pair continues to hold on to its downside pressure closing lower the past week. On the downside, support comes in at the 110.50 level where a break if seen will aim at the 110.00 level. A cut through here will turn focus to the 109.50 level and possibly lower towards the 109.00 level. On the upside, resistance resides at the 111.50 level. Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 112.50 level with a turn above here aiming at the 113.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the whole, USDJPY looks to weaken further in the new week.

Strategy: Sell at 111.02, Stop loss at 111.71, Price target at 110.02 & 109.60