USDJPY looks to weaken further as it retains it still faces downside pressure risk. On the upside, resistance comes in at 111.00 level. Above this level will turn attention to the 111.50 level. Further out, we expect a possible move towards the 112.00 level. A cut through here will open the door for more gain towards the 112.50. On the downside, support comes in at the 110.50 level where a break will target the 110.00 level. Below that level will turn focus to the 109.50 level and then lower towards the 109.00 level. On the whole, USDJPY faces more downside pressure.
