USD/JPY: With the pair remaining weak and following through lower on Tuesday trading session, further weakness is envisaged. On the downside, support comes in at the 111.50 level where a break, if seen, will aim at the 111.00 level. A cut through here will turn focus to the 110.50 level and possibly lower towards the 110.00 level. The daily RSI is bullish and pointing lower, suggesting further weakness.
On the upside, resistance resides at the 112.50 level. Further out, we envisage a possible move towards the 113.00 level. Further out, resistance resides at the 113.50 level with a turn above here aiming at the 114.00 level. On the whole, USD/JPY looks to build up on price additional price weakness.
