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USDJPY: Although it closed marginally lower the past week (see weekly chart), further upside is likely in the new week. On the upside, resistance resides at the 120.82 level followed by the 121.50 level where a break will target the 122.50 level.

Further out, resistance comes in at the 123.50 level where a violation will aim at the 124.50 level. On the downside, support comes in at the 119.50 level where a break will target the 118.50 level.

Below here if seen will aim at the 117.50 level followed by the 117.00 and then the 116.50. On the whole, USDJPY remains exposed to the upside medium term though hesitating.