USDJPY: Sets Up To Correct Lower On Price Rejection

USDJPY: After the pair rejected higher prices to close lower on Thursday, it faces the risk of a move lower. On the downside, support comes in at the 103.00 level where a break if seen will aim at the 102.50 level. A cut through here will turn focus to the 102.00 level and possibly lower towards the 101.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 104.00 level. Further out, we envisage a possible move towards the 104.50 level. Further out, resistance resides at the 105.00 level with a turn above here aiming at the 105.50 level. On the whole, USDJPY looks to pullback further.