USDJPY eyes short-term trend resumption following a reversal of its Thursday losses on Friday.
On the downside, support sits at the 113.00 level where a break will target the 112.50 level. A breakthrough that level will turn focus to the 112.00 level and then lower towards the 111.50 level. On the upside, resistance comes in at 113.50 level. Above here will turn attention to the 114.00 level.
Further out, we expect a possible move towards the 114.50 level if that level is taken out. Resistance resides at the 115.00 level with a turn above here targeting the 115.50 level. On the whole, USDJPY faces further upside pressure in the short term.
