USDJPY: Still Faces Pullback Threats…
As long as 113.16 resistance holds on a daily closing basis, the USDJPY remains in a pullback mode, and further down couldn’t be ruled out. Support comes at 112.55/112.29 levels. A halt is likely, but a cut will turn outlook bearish to 111.75, further down, support comes at 111.05 level.
On the upside, resistance comes at 113.16 level. Above 113.16 aims 113.70. At this point: The USDJPY will have to break and hold above 113.70 to restore the upside momentum. If seen it will target 114.10 level. It may test 113.70 before attempts to break above 114.10. Anyway; next resistance comes at 114.70 level.
Conclusion: The USDJPY sees pullback threats below 113.16, above 113.16 will challenge 113.70 level…
Support: 112.55, 112.29, 111.75, 111.05
Resistance: 113.16, 113.70, 114.10, 114.70