USDJPY Looks To Extend Its Corrective Recovery

USDJPY:  With corrective recovery triggered on Monday, USDJPY looks to extend its corrective recovery. On the downside, support comes in at the 117.00 level where a break if seen will aim at the 116.50 level. A cut through here will turn focus to the 116.00 level and possibly lower towards the 115.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 118.00 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 118.50 level. Further out,  resistance resides at the 119.00 level with a turn above here aiming at the 120.50 level. On the whole, USDJPY looks to extend its corrective recovery in the days ahead.