Outlook in USDJPY has turned neutral with risk to the upside , support comes at the 117.92 levels , a failure to hold below the 117.92 levels on a daily closing basis could mean a return to the 121.00 levels where a breach will turn focus on the 121.83 levels , a halt is likely but a break would open 123.00 next , further upside will aim the 124.25 levels.
On the downside , support comes at the 117.92 levels , losing this level on a daily closing basis will turn outlook neutral and bring a corrective pullback towards the 116.85 levels ahead of the 115.50 levels before the next rise !!
In all , as long as 117.92 support holds on a daily closing basis , outlook in USDJPY remains on the upside towards the 121.00/121.83 levels , below 117.92 will bring a corrective pullback towards the 116.85/115.50 levels before the next rise.
Intraday forecast : Intraday resistance comes at the 120.00 levels , stability below this level on a 4 hour closing basis will keep the pair under pressure , while sustained trading above the 120.00 levels will restore the upside momentum ..
In the medium term forecast , as long as support 118.00 holds on a weekly closing basis , the pair remains bullish with risk towards the 121.50/124.00 levels , above 124.00 will open 125.75/127.75 next . On the downside below 118.00 levels will turn outlook neutral and bring consolidation above the 112.47 levels.