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USDJPY: Having continued its upside offensive, further strength is envisaged. On the upside, resistance resides at the 120.00 level followed by the 120.50 level where a break will target the 121.00 level.

Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. On the downside, support comes in at the 117.50 level where a break will target the 117.00 level.

Below here if seen will aim at the 116.50 level followed by the 116.00 and then the 115.50. On the whole, USDJPY remains exposed to the upside medium term but now faces corrective pullback.

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