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USDJPY: The pair now faces further recovery risk after turning higher off its intra day low at 118.76 level during early Monday trading. On the upside, resistance resides at the 119.74 level with a turn above here aiming at the 120.50 level.

A break will target the 122.02 level. Further out, resistance comes in at the 122.50 level where a violation will aim at the 123.00 level. On the downside, support comes in at the 118.76 level where a break will target the 118.00 level.

Below here if seen will aim at the 117.50 level followed by the 117.00 level. On the whole, USDJPY remains exposed to the upside after turning higher ahead of its key support at 118.32 level


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