USD/JPY: With  price action remaining weak and vulnerable to the downside, USD/JPY eyes further downside pressure. This price development is coming on the back of its failed attempts on the upside. While the pair holds below its key resistance zone at 123.66/74 levels, further weakness is likely.

On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards the 121.00 level. On the upside, resistance resides at the 123.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out,  resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USD/JPY eyes further downside pressure below the 123.66/74 resistance zone.