USDJPY: Having continued to face downside pressure, USDJPY extended its weakness today.
This leaves risk of further downside on the cards. On the downside, support comes in at the 103.50 level where a break if seen will aim at the 103.00 level.
A break if it occurs will aim at the 102.50 followed by the 102.00 and then the 100.00 level. Resistance resides at the 104.00 level followed by the 104.50 level where a break will target the 105.00 level.
Further out, resistance comes in at the 105.50 level where a violation will aim at the 106.00 level. On the whole, USDJPY remains exposed to the downside short term.
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