USDJPY: Reverses Higher With Eyes On Price Extension
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USDJPY: With the pair taking back its Monday losses to close higher on Tuesday, further upside pressure is now underway. This development leaves the pair targeting the 114.86 resistance zone. On the downside, support comes in at the 113.50 level where a break if seen will aim at the 113.00 level. A cut through here will turn focus to the 112.50 level and possibly lower towards the 112.00 level. On the upside, resistance resides at the 114.50 level. Further out, we envisage a possible move towards the 115.00 level. Further out, resistance resides at the 115.50 level with a turn above here aiming at the 116.00 level. On the whole, USDJPY looks to build up on price recovery in the days ahead.