USDJPY: Consolidates With Downside Bias.
The USDJPY remains on the downside as long as trades below 113.40 on a daily closing basis. Support comes at 112.29. A halt is likely, but a cut would open 111.75, further down, support comes at 111.05 level.
Note: A sustained breakout above 114.53 will turn outlook bullish and increase the risk for 117.00 level. otherwise; any upside move below 114.53 will be limited and followed by another fall…
On the upside, resistance comes at 113.40 level, a break will bring limited gains to 113.83/114.20 level, next resistance comes around 114.55/114.75 levels.
Conclusion: The USDJPY sees downside threats below 113.40 level with risk to 112.29 level. Above 113.40 sees recovery threats to 113.83/114.20 levels.
Support: 112.29, 111.75, 111.05, 110.53, 110.05
Resistance: 113.40, 113.83, 114.20, 114.55, 114.75