USDJPY Daily Forecast Jan 22 2016

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With USDJPY breaking the key resistance 117.43, a short term bottomed has been placed at the 115.96 levels, and further upside towards 118.37 levels couldn’t be ruled out.

On the upside, as long as 116.68/115.97 support holds on a daily closing basis, the USDJPY remains in a recovery mode, neckline comes at the 118.37 levels, a clear break above this level will activate the bullish divergence and have large bullish implications towards 120.09 levels, further upside resistance comes at the 120.97 levels.

On the downside, a failure to take out the 118.37 levels could mean a return to the 116.63 levels, a cut will open main support 115.97, below 115.97 will extend losses towards the 115.00/113.85 levels…

Conclusion: The USDJPY continues to face recovery threats above the 115.97/116.63 levels….

 

USDJPY Daily Forecast Jan 22 2016

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