USDJPY Daily Forecast Dec 26 2014

Japan652 min
Japan652 min

The USDJPY continued its bullish momentum 2 days ago , bottomed at the 119.93 levels and topped at the 120.81 levels. This development leaves the pair targeting the 122.25 levels , a halt is likely , but a break would open 124.00 next (weekly target), further upside will aim the 126.00 levels.

On the downside , support comes at the 119.93 levels , losing this level on a daily closing basis will bring a corrective pullback above the 118.89 levels before the next rise , however; losing the 118.89 levels will extend the pullback from the 120.81 levels to the 115.55/116.28 levels before the next rise…

In all , as long as 119.93 support holds on a daily closing basis , outlook in USDJPY remains on the upside towards the 122.25 levels ahead of the 124.00 levels, below 119.93 will bring pullback towards the 118.89 levels before the next rise.

Note that stability above the key resistance 120.81 on a daily closing basis , will turn this level from resistance to a strong support level…

Intraday : Break of 120.45 levels will open 120.81 levels , above 120.81 will aim daily chart target ..below 120.45 could test 119.93 levels before the next rise…

 

USDJPY Daily Forecast Dec 26 2014

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