USDJPY: With USDJPY turning higher on loss of bearish momentum on Monday, it looks to follow through higher in the days ahead. On the downside, support comes in at the 117.00 level where a break if seen will aim at the 116.50 level. A cut through here will turn focus to the 116.00 level and possibly lower towards the 115.50 level. On the upside, resistance resides at the 118.00 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 118.50 level. Further out, resistance resides at the 119.00 level with a turn above here aiming at the 120.50 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the whole, USDJPY remains biased to the upside on loss of bearish momentum.
