USDJPY Daily Forecast Jul 01 2015

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Japan xwrl5x min
Japan xwrl5x min

Outlook in USDJPY remains on the downside as long as 123.18 resistance holds on a daily closing basis, support at the 121.00 levels, a halt is likely but a cut would open 120.00 next. At this point I’d expect strong support from the 120.00 levels to contain fall from the 125.85 levels and bring strong rebound, however, below 120.00 will will pave the way towards the 118.50 levels

On the upside, resistance comes at the 123.18 levels, above 123.60 will turn outlook neutral for retesting 124.37 levels before the next fall.

Conclusion: As long as 123.18 resistance holds on a daily closing basis, outlook in USDJPY remains on the downside  towards the 121.00 levels, above 123.18 faces a recovery risk towards the 124.37 before the next possible fall.

USDJPY Daily Forecast Jul 01 2015

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