USDJPY: Weakens Further On Correction
FXTechstrategy Team | Jul 27, 2015 08:45AM ET
With the USD/JPY weakening further on correction on Monday, further downside pressure is envisaged. On the upside, resistance resides at the 124.00 level with a turn above here aiming at the 124.50 level. A break will target the 125.00 level. Further out, resistance comes in at the 125.50 level where a violation will aim at the 126.00 level. On the downside, support comes in at the 123.00 level where a break will target the 122.50 level. Below here if seen will aim at the 122.00 level followed by the 121.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the whole, USD/JPY remains exposed to the downside on correction.
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