USDJPY: Selling rallies

US$Jpy has had a rangebound session (112.45/89), leaving the outlook unchanged.

The 4 hour/daily momentum indicators still look mildly negative, and if we break the session low there is not really very much to support the dollar until 112.00, and then little again until the February lows at 111.58/68 although they may still be some way off. On the topside, resistance will be seen at 112.90/113.00 ahead of the 100 DMA (113.20)  and the 17 March high of 113.48 although that appears unlikely to be revisited today. Selling rallies, with a SL placed above 113.55 seems to be the plan.

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