Outlook in USDJPY has turned to the downside at the moment , resistance comes at the 118.48 levels , stability below this level will keep the pair under pressure , support comes at the 117.29 levels , losing this level on a daily closing basis is needed to open the 116.00 levels , a halt is likely but a cut would open 115.00 levels , further down will target the 113.75 levels.
On the upside , a failure o hold below the 117.29 levels on a daily closing basis could mean a return to the 118.48 levels , break of the 118.48 levels will reverse risk towards the 119.63/120.83 levels before the next move !!!
In all , as long as 118.48 resistance holds on a daily closing basis , outlook in USDJPY remains on the downside towards the 116.00 levels ahead of the 115.00 levels , above the 118.48 levels will extend gains towards the 119.63/120.83 levels before the next move !!!