Despite short term recovery , outlook in USDJPY remains on the downside as long as 119.42/119.73 resistance holds on a daily closing basis support comes at the 118.20 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 119.42/119.73 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 the mid-term upward trend ,otherwise , the pair remains 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
Note that a rejection from the 119.73 levels followed by a daily closing below the 119.42 levels , could mean a return to the 118.50 levels , sustained breakout -daily closing- above the 119.42 levels will put 119.73 under pressure !!!……..Intraday support comes at the 119.13 levels………..