Outlook USDJPY remains neutral at the moment with risk to the upside , resistance comes at the 118.36 levels , break of 118.36 levels on a 4 hour closing basis would open 118.97 next where a breach is likely , If seen It will target the psycho level 120.00 , a halt is strongly suggest , but a break would open 121.00 next , further upside will aim the 122.50 levels.
On the downside , a failure to take out 118.36 levels could mean a return to the 117.44 levels , a cut will extend pullback from 118.97 towards the 116.80/116.33 levels before the next rise . If 116.80/116.33 fails to holds , expect the pair to extend losses towards the 115.44 levels even lower towards the 113.85 levels.
In all , as long as resistance 118.36 holds on a 4 hour closing basis , the USDJPY pair remains in a corrective pullback mode with possible to break lower below 117.44 levels , a clear break above the 118.36 levels will have large bullish implication towards the 118.97 levels ahead of the 120.00 levels….
