USDJPY Targets Further Weakness On Bear Pressure

26 July 2016, 03:41

USDJPY: The pair remains weak and vulnerable to the downside with more weakness envisaged. On the downside, support comes in at the 105.00 level where a break if seen will aim at the 104.50 level. A cut through here will turn focus to the 104.00 level and possibly lower towards the 103.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 106.00 level. Further out, we envisage a possible move towards the 106.50 level. Further out,  resistance resides at the 107.00 level with a turn above here aiming at the 107.50 level. On the whole, USDJPY looks to weaken further on bear pressure


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