USDJPY rallies with eyes on key resistance at 111.01 level. On the upside, resistance comes in at 111.50 level. Above this level will turn attention to the 112.00 level. Further out, we expect a possible move towards the 112.50 level. A cut through here will open the door for more gain towards the 113.00. Its daily RSI is bullish and pointing higher suggesting further upside pressure. On the downside, support comes in at the 110.00 level where a break will target the 109.50 level. Below that level will turn focus to the 109.00 level and then lower towards the 108.50 level. On the whole, USDJPY faces further upside pressure.
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