Outlook in USDJPY has turned to the downside as long as 119.91 resistance holds on a daily closing basis , support comes at the 117.70 levels, losing this level on a daily closing basis will open 116.57 levels , a halt is likely , but a cut would open 115.00 next , further down will pave the way towards the 113.50 levels.
On the upside , a failure to hold losses below the 117.70 levels could mean a return to the 119.91 levels , a halt is likely , but a break will restore the upside momentum and open 121.83 levels, If this resistance is taken out , further gains are likely towards the 123.00 levels ahead of the 124.00 levels.
In all , as long as 119.91 resistance holds on a daily closing basis , outlook in USDJPY remains on the downside towards the 116.57/115.00 levels , above the 119.91 will reverse risk towards the 121.83/123.00 levels.
Intraday Forecast : Intraday outlook in USDJPY remains on the downside as long as 120.00 resistance holds on a 4 hour closing basis , support comes at the 117.70 levels, a cut would open 116.50 next , a halt is likely , but losing this level would open 115.00 levels. On the upside , a clear break above the 120.00 levels is needed to restore the upside momentum , If seen focus will be on the 121.83 levels.
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.