USDJPY Daily Forecast Jan 29 2016

The USDJPY maintained a very strong bullish momentum. Resistance comes at the 120.63 levels ahead of the 121.13 levels, a halt is likely, but a break above the 121.13 levels will pave the way towards the 122.56 levels ahead of the 123.04 levels…

On the downside, immediate support comes at the 120.63 levels (broken resistance), below this level faces a pullback risk towards the 119.40 levels before the next rise…

On the one hour timeframe; As long as 120.62 support holds on an hourly closing basis, the outlook in USDJPY remains on the upside towards the 121.39 levels, a break will open 122.00 next, further upside, resistance comes at the 122.55/123.04 levels…

On the downside, below 120.62 faces a pullback risk towards the 120.00 levels before the next rise, however; further down, support comes at the 119.11 levels…

Conclusion: The USDJPY continues to face upside threats above the 120.62 levels…

USDJPY Daily Forecast Jan 29 2016

USDJPY Daily Forecast Jan 29 2016-1 hour

 

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