USDJPY: Consolidates With Downside Threats

23 May 2016, 03:57

USDJPY: Having closed higher for a third consecutive week, further bullish offensive is envisaged. However, with price hesitation seen on price we could see it weaken in the new week though with caution. 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. 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 vulnerable to the downside on price failure


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