USDJPY: The pair followed through lower on the back of its Thursday weakness during early trading on Friday. This leaves risk of more weakness. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level.
Below here if seen will aim at the 117.50 level followed by the 117.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. A break will target the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will aim at the 121.50 level. On the whole, USDJPY remains exposed to the downside on further weakness.
