USDJPY Daily Forecast Feb 17 2015

Japan652 min
Japan652 min

Outlook in USDJPY remains neutral at the moment , support comes at the 118.50 levels while resistance comes at the 119.61 levels .

On the upside , a failure to hold below the 118.50 levels on a daily closing basis could mean a return to the 119.61 levels , a halt is likely , but a break will restore the upside offensive and recapture the 120.46 levels , further upside will target the 121.80 levels..

On the downside , sustained breakout – daily closing – below the 118.50 levels will extend the pullback towards the 118.00 levels ahead of the 117.13 levels before the next possible rise..

In all , as long as 118.50 support holds on a daily closing basis , short term outlook in USDJPY remains on the upside towards the 119.61 levels ahead of the 120.46 levels , below 118.50  will extend the pullback towards the 118.00 levels ahead of the 117.13 levels before the next possible rise..

Note : the pair closed at 118.47 yesterday ,few pips below 118.50…. that’s not a proper closure , a sustained breakout below 118.50 is needed to resume fall from the 120.47 levels , otherwise ; rebound towards the 119.61/120.47 levels will be in sight..

 

USDJPY Daily Forecast Feb 17 2015

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