USDJPY Daily Forecast Jan 23 2020


USDJPY: Corrective Pullback Risk Remains Intact…

As long as 110.28 resistance holds on a daily closing basis. The USDJPY remains in a pullback mode, and further down couldn’t be ruled out. But any corrective pullback below 110.28 should be contained well by 109.57/109.00 levels where a rebound is likely. Below 109.00 will suggest a large pullback…

On the upside, immediate resistance comes in the 109.82 levels ahead of 110.28 levels. A sustained breakout – daily closing- above 110.28 will restore the upside momentum, aims the 110.75 level, further upside, resistance stands at 111.50 levels.

In conclusion: The USDJPY remains vulnerable on a corrective pullback.

Support: 109.57, 109.00, 108.50, 107.85

Resistance:109.82, 110.28, 110.75, 111.50, 112.05

USDJPY Daily Forecast Jan 23 2020