USD/JPY: Sells Off On Bear Pressure
USD/JPY: The pair remains vulnerable to the downside on correction as it sold off during Friday trading today.
On the downside, support comes in at the 110.50 level where a break if seen will aim at the 110.00 level. A cut through here will turn focus to the 109.50 level and possibly lower towards the 109.00 level. On the upside, resistance resides at the 111.50 level. Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 112.50 level with a turn above here aiming at the 113.00 level.
On the whole, USD/JPY looks vulnerable on more weakness.
Disclosure: None.