USDJPY: Range Trading, Looks For Direction

USDJPY: With USDJPY seen trapped in a range, it now searches for directional moves. Until its breaks out either way, we expect its consolidation price action to continue. On the upside, resistance resides at the 120.50 level with a turn above here aiming at the 121.00 level. A break will target the 121.50 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 122.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the downside, support comes in at the 119.50 level where a break will target the 119.00 level. Below here if seen will aim at the 118.50 level followed by the 118.00 level. On the whole, USDJPY remains exposed to the upside but with caution