USD/JPY: Targeting Further Upside Pressure But With Caution

USD/JPY: The pair may have hesitated on Thursday but still faces upside threats. On the downside, support lies at the 113.00 level where a break if seen will aim at the 112.50 level. A cut through here will turn focus to the 112.00 level and possibly lower towards the 111.50 level. On the upside, resistance resides at the 114.00 level. Further out, we envisage a possible move towards the 114.50 level. Further out, resistance resides at the 115.00 level with a turn above here aiming at the 115.50 level. Its daily RSI is bearish and pointing higher suggesting more strength. On the whole, USD/JPY faces further upside threats.