USD/JPY: bullish with caution - Scotiabank

Analysts at Scotiabank's outlook for USD/JPY on a short-term technical basis is bullish, with caution.

Key Quotes:

"Bullish momentum signals have softened from their recently overbought levels."

"DMI’s hint to a shift in the balance of risk."

"We look to resistance above 113 and expect limited gains above 113.50. Support has been observed around 111.50."