USDJPY – Daily Forecast 26 Jul 2013

The USDJPY maintained a bearish momentum yesterday after bottoming at 98.87 levels. Now the pressure will be on the key support 98.87. The USDJPY will have to hold below the  98.87 levels on a daily closing basis to push the market for further downside losses. If seen it will target the 98.15 levels. A breach will turn the focus on the 97.25 levels.

Alternatively, a failure to hold below the 98.87 levels could mean a return to the 100.85 levels where halt is suggested, but a break of 100.85 will pave the way for retesting  the 101.52 levels

In all, as long as the 100.85/101.52 levels hold, the pair will remain under pressure with risk to the downside.