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USDJPY: Unless the pair retains below the 118.48/32 support zone, it continues to retain its broader upside bias in the medium term.

On the upside, resistance resides at the 120.83 level with a turn above here aiming at the 122.00 level. A break will target the 122.50 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 123.50 level. On the downside, support comes in at the 119.50 level where a break will target the 119.00 level.

Below here if seen will aim at the 118.50 level followed by the 118.00 level. On the whole, USDJPY remains exposed to the upside in the medium term despite price hesitation.

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