USDJPY: The pair continues to build up on its recovery leaving risk of more strength on the cards. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.00 level. Further out, we envisage a possible move towards the 110.50 level. Further out, resistance resides at the 111.00 level with a turn above here aiming at the 111.50 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. On the whole, USDJPY looks to build up on its price recovery.
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