USDJPY: Risk Continues To Point Lower On Weakness

[FXTechstrategy.com]

USDJPY: With USDJPY weakening further on Thursday, more weakness is expected. On the downside, support comes in at the 108.00 level where a break if seen will aim at the 107.50 level. A cut through here will turn focus to the 107.00 level and possibly lower towards the 106.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 109.50 level. Further out, we envisage a possible move towards the 110.00 level. Further out,  resistance resides at the 110.50 level with a turn above here aiming at the 111.00 level. On the whole, USDJPY looks to build up on price weakness.