USDJPY: The pair sold off further on Monday and followed through lower during early trading on Tuesday. This development leaves risk of more weakness on the cards. However, beware of a correction. On the downside, support comes in at the 115.00 level where a break if seen will aim at the 114.50 level. A cut through here will turn focus to the 114.00 level and possibly lower towards the 113.50 level. On the upside, resistance resides at the 1176.50 level. Further out, we envisage a possible move towards the 117.00 level. Further out, resistance resides at the 117.50 level with a turn above here aiming at the 118.00 level. On the whole, USDJPY looks to build up on price weakness.
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