USDJPY: Having continued to maintain below the 123.74/99 zone and weakening on Tuesday, USDJPY corrective pullback risk remains in place. On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards the 121.00 level.
Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 123.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USDJPY corrective pullback risk remains in place while trading below the 123.74/99 resistance zone.
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