The USDJPY maintained a bearish momentum yesterday , topped at the 119.73 levels and bottomed at the 118.78 levels . This development leaves the pair targeting the 118.120 levels , a halt is strongly suggested but a cut would open 117.50 next , further down will target the 116.70 levels.
On the upside , resistance comes at the 119.73 levels , break of 119.73 on a daily closing basis will turn outlook neutral and open 120.90 levels , however ; sustained breakout above the 120.90 levels is needed to restore mid-term upward trend ,otherwise , the pair remain under pressure !!!
In all , as long as 119.73 resistance holds on a daily closing basis , outlook in USDJPY remains on the downside towards the 118.20 levels ahead of the 117.50 levels , above 119.73 will turn outlook neutral for retesting 120.90 levels before the next possible