USDJPY – Daily Forecast 02 Aug 2013


The USDJPY maintained a bullish momentum yesterday, bottomed 97.65 and topped at 99.56, now pressure will be on the 99.56 levels, the USDJPY will have to hold above the 99.56 levels on a daily closing basis to push the market for further upside gains, If seen it will target the 100.45 levels, a halt is strongly suggested and we might see a resume to the whole fall from 101.52 towards 97.00 levels, but break of 100.45 will target the 101.52 levels, above 101.52 will have large bullish implication towards 103.73 levels in medium term view.

Alternatively, a failure to hold above the 99.56 levels could mean a return to the 97.65 – 97.55 levels, a break will extend weakness towards 96.95 where a breach will turn the focus on the  95.93 levels.

The short-term trend is bullish targeting the 100.45 levels, as long as stability is above 97.60 levels.

The medium-term trend is sideways with bearish bias targeting the 95.00 levels, as long as stability is below the 101.52 levels.