USDJPY: Rejects Lower Prices, Looks To Recover Higher

USDJPY: The pair rejected lower prices to close flat on Monday leaving risk of a move higher on the cards. On the downside, support lies at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. On the upside, resistance resides at the 112.00 level. Further out, we envisage a possible move towards the 112.50 level. Further out, resistance resides at the 113.00 level with a turn above here aiming at the 113.50 level. On the whole, USDJPY faces further downside pressure.