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USD/JPY holds above 117, weakness only on break below 116.70

FX:USDJPY   U.S. Dollar / Japanese Yen
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USD/JPY             has made a comeback after hitting lows of 116.69, the pair is now holding above the 117 handle.

Consolidation seen in the mid-Asian session as the pair rebounded from session lows at 116.69, upside remains capped below 117.50.

Immediate support lies at 116.70 ( trendline joining 118.58,118.06), while resistance is seen at 117.72 (78.6 % Fib of 116.07 to 123.75 rise).

Breaks below 116.70 will see downside to 116 levels, but for now downside in the pair remains cushioned on the increased bids for the USD.

Technically, still some downside in-store for the pair, RSI remains weak at 20 levels and MACD is also pointing further downside, daily Stochs are in the oversold region, but there are no signs of a rollover for now.

On the other side a close above 117.72 will see pair rebound to 117.90 (5-DMA) and then to 118.81 (Jan 8 highs)
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