USDJPY Daily Forecast Feb 06 2020

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USDJPY Bullish Risk Turns To 110.25 Levels…

The USDJPY remains on the upside as long as trades above 109.29 levels on a daily closing basis. Resistance comes at 109.83 levels. The USDJPY will have to break and hold above 109.83 levels to prevent a return to the downside. If seen it will target the 110.25 levels. A halt is likely but a break would open 110.75 next, further upside, resistance comes at 111.35 levels.

On the downside, a failure to hold and break above 109.83 levels could mean a return to 109.29 levels where another rise likely. However; below 109.29 sees a corrective pullback threat to 108.65/108.25 levels…

In conclusion: The USDJPY continues to face upside threats above 109.29 levels…

Support: 109.29, 108.65, 108.27, 107.85

Resistance: 109.83, 110.25, 110.75, 111.35

USDJPY Daily Forecast Feb 06 2020Key data/events which may affect USDJPY today:

  • U.S Initial Jobless Claims at 13:30 GMT. The forecast is to inch down 215K, from 216K in the last week.
  • FOMC Member Kaplan Speaks at 14:15 GMT.

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