USDJPY eyes further upside pressure on corrective recovery as it closed higher on Monday. On the upside, resistance comes in at 108.50 level. Above this level will turn attention to the 109.00 level. Further out, we expect a possible move towards the 109.50 level on a break of that area, A cut through here will open the door for more gain towards the 110.00. On the downside, support lies at the 107.50 level where a break will target the 107.00 level. Below that level will turn focus to the 106.50 level and then lower towards the 106.00 level. On the whole, USDJPY faces further downside pressure.
