Daily Technical Strategist on USDJPY

[FXTechstrategyTeam]

USDJPY: Loses Upside Momentum

USDJPY: With USDJPY losing upside momentum to face price hesitation and possible weakness, risk now points lower. On the upside, resistance resides at the 115.51 level followed by the 116.00 level where a break will target the 116.50 level. Further out, resistance comes in at the 117.00 level where a violation will aim at the 117.50 level. On the downside, support comes in at the 114.00 level where a break will target the 113.50 level. Below here if seen will aim at the 113.00 level followed by the 112.50 and then the 112.00. On the whole, USDJPY remains exposed to the upside though looking correct lower.