USDJPY: Bearish, Extends Lower On Corrective Weakness.
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USDJPY: With continued downside seeing USDJPY weakening further in early trading today, there is risk of further decline in the days ahead. We are watching its supports located at the 93.50 level and the 92.57 level. A cut through the latter could force further downside towards the 92.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, the pair requires a return above the 97.01/27 levels to halt its downside vulnerability. This if seen will call for a move towards the 98.00 level followed by the 99.27 level. Further out, resistance resides at the 100.00 level. On the whole, USDJPY remains vulnerable to the downside on correction.