USDJPY Bullish break of 103.57 would open 105.43

The USDJPY maintained some bearish momentum the past few days, topped at the 103.57  levels and bottomed at the 101.99 levels, now the pressure will be on the key resistance 103.57.

The USDJPY will have to hold above the 103.57  levels on a daily closing basis to resume its upside offensive, If seen It would target the 105.43 levels, a halt is suggested, If seen It might return to the 101.99 levels but a break of 105.43  will turn the focus on the 107.00 ahead of 108.00 levels.

Alternatively, a failure to hold above the 103.57 levels could mean a return to the 101.99 levels, a halt is suggested , but losing the 101.99  levels would weaken the current bullish run for retesting the 101.60 levels, at this point I’d expect strong support from 101.60 levels to contain any bearish move and bring reversal to the upside, losing the 101.60 levels on a daily closing basis will terminate the current bullish run and bring  free fall towards 99.21/97.97 levels.

In all, the USDJPY is likely to retain to its medium-term upside bias as long as support 101.60 holds on a daily closing basis, below this level will reverse risks to the downside towards 99.21/97.97  levels.

 

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