USD/JPY Weakens, Threatens Price Extension

USD/JPY: The pair looks to weaken further as more decline is expected in the days ahead. On the downside, support lies at the 105.50 level where a break if seen will aim at the 105.00 level. A cut through here will turn focus to the 104.50 level and possibly lower towards the 104.00 level. On the upside, resistance resides at the 106.50 level. Further out, we envisage a possible move towards the 107.00 level. Further out, resistance resides at the 107.50 level with a turn above here aiming at the 108.00 level. On the whole, USD/JPY faces further downside pressure


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