USDJPY Daily Forecast Jan 31 2020

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Dollar -Yen -653 -689

USDJPY: Consolidates With Downside Bias…

As long as 109.25/108.95 resistance holds on a daily closing basis. The USDJPY remains on the downside to 108.62 levels. A halt is likely, it may bottom around here. However; below 108.62 aims the 108.25 level, further down, support comes in the 107.95 level.

Note: Above 109.25 sees limited recovery below 109.85 levels…

On the upside, resistance comes at 108.95/109.25 levels ahead of 109.85 levels. Above that level sees recovery threats to 110.30 level. Sustained trading above 110.30 will reverse risk to the upside to 110.75/111.50 levels…

In conclusion: The USDJPY sees downside threats below 109.85 level.

Support: 108.62, 108.25, 107.95, 107.60, 107.20

Resistance: 108.95, 109.25, 109.55, 109.85, 110.30

USDJPY Daily Forecast Jan 31 2020

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