USD/JPY rejects higher prices on loss of momentum leaving risk of a move lower. On the upside, resistance comes in at 114.50 level. Above here will turn focus to the 115.00 level. Further out, we expect a possible move towards the 115.50 level if the earlier level is taken out. On the downside, support comes in at the 113.50 level where a break will target the 113.00 level. A break through that level will turn focus to the 112.50 level and then lower towards the 112.00 level. On the whole, USD/JPY faces further upside pressure medium term but with caution of a move lower.
