USDJPY Daily Forecast Feb 16 2017

USDJPY Pulls Back On Resistance Rejection!

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USDJPY Pulls Back On Resistance Rejection!

With USDJPY falling to continue its yesterday’s gains above 114.49 levels, a short term resistance has been printed at the 114.95 levels. While its immediate risk remains higher above the 113.23 levels, The USDJPY will have to break and hold above the 114.95 levels to prevent a return to the downside.

On the downside, immediate support comes at 113.23 levels, note that fall from 114.95 should be contained well by the 113.23 levels rebound is very likely, however; a cut through the 113.23 levels will terminate recent rise from the 111.58 levels and pave the way to the 111.35 levels.

On the upside, above the 114.95 levels will restore the upside momentum and turn the focus on the 115.50 levels, a break will aim the 116.33, further upside, resistance stands at the 117.42 levels.

Conclusion: The USDJPY is likely to consolidate above the 113.23 levels with an upside bias, below 113.23 faces a fall risk to the 111.35 levels.

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