USDJPY Daily Forecast Jan 06 2015

Japan652 min
Japan652 min

Outlook in USDJPY hast turned neutral for retesting the 118.85 levels at the moment. At this point I’d expect strong support from the 118.85 levels to contain fall from the 120.81 levels and bring rebound, However; If 118.85 fails on a daily closing basis, the focus will be on the 116.28 levels ahead of the 115.55 levels.

On the upside, to restore the upside momentum, 120.81 should be taken out on a daily closing basis, If seen, the pair will recapture the 121.83/122.25 levels, a clear break will pave the way towards the weekly target at the 124.00 levels.

In all, the USDJPY is likely to consolidate within 118.85/120.81 range, above 120.81 will pave the way towards the 122.00/124.00 levels, while below 118.85 will reverse risk towards the 116.28/115.55 levels.

 

USDJPY Daily Forecast Jan 06 2015

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