USDJPY: Having followed through higher on the back of its Thursday gains on Friday, further bullishness is expected. On the downside, support comes in at the 117.50 level where a break if seen will aim at the 117.00 level. A cut through here will turn focus to the 116.50 level and possibly lower towards the 116.00 level.
On the upside, resistance resides at the 118.50 level. Further out, we envisage a possible move towards its range top at the 119.00 level. Resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJ/PY remains biased to the upside on bull pressure.
