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.
Note: a daily closing below 117.70 levels will turn 117.70 from support to resistance level.
Intraday : As long as 117.56/118.27 resistance holds on a 4 hour closing basis , the pair remains under pressure with risk to the downside , sustained trading above the 118.27 will pave the way towards the 120.00 levels.