USDJPY Daily Forecast Dec 01 2014

The USDJPY continued its bullish momentum last Friday, printed support  at the 117.22/117.68 levels .This development leaves the pair targeting the 118.97 levels , where a breach will open  the 120.00 levels , a halt is likely  , but breaking the 120.00 levels will turn focus on the 121.00 levels, further upside will call for for a run towards the 122.00 levels.

On the downside , support comes at the 117.68 levels ahead of the 117.22 levels (main) , losing the 117.22 levels on a daily basis will turn outlook neutral towards the 115.44 levels and bring consolidation before the next rise .

In all , as long as support 117.22/117.68 holds on a daily closing basis , , outlook in USDJPY  remains on the upside  towards the 118.97/120.00  levels ahead of the 121.00 levels ,sustained trading below the 117.22 levels will bring pullback towards the 115.44 levels before the next rise.

Note that stability above  118.76  levels on a daily closing basis , will turn 118.76  to a strong support level , If seen , focus will be on the 120.00  levels the upcoming days…

USDJPY Daily Forecast Dec 01 2014