USDJPY – Daily Forecast 07 Aug 2013

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The USDJPY maintained a bearish momentum yesterday, resistance is at 98.57, the USDJPY will have to hold below the 98.57 levels on a daily closing basis to push the market for further downside losses, next support is at 96.94 ahead of 95.70, bellow 95.70 will target the 93.78 levels.

On the upside, stability above the 98.57 on a daily closing basis will confirm short term bottoming, If seen, It would reverse risks to the upside towards the 101.52, a breach will turn the focus on the 102.52 ahead of the 103.73 levels.

In all, as long as 98.57 holds on a daily closing basis the pair will remain biased to the downside with risk towards the 96.94 ahead of the 95.70 levels, only a break above 98.57 will reverse risks to the upside.

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