USDJPY: Sees Further Recovery Higher

The USDJPY pair looks to extend further recovery higher as more strength is likely. On the downside, support lies at the 110.50 level where a break if seen will aim at the 110.00 level.

A cut through here will turn focus to the 109.50 level and possibly lower towards the 109.00 level. On the upside, resistance resides at the 111.50 level.

Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 112.50 level with a turn above here aiming at the 113.00 level. On the whole, USDJPY faces further recovery pressure.