USDJPY Daily Forecast Jul 16 2020

Dollar Yen 659685451236

USDJPY: Bearish Despite Recovery Attempts…

The USDJPY remains on the downside as long as 107.35 resistance holds on a daily closing basis. Support comes in the 106.63 level ahead of 106.20 level. A halt is likely, it may test 106.63 before attempts to break below106.20. Anyway, below 106.20 aims the 105.68 level, the next support comes in the 105.10 level.

On the upside, resistance comes at 107.35 level, above 107.35 sees recovery threats to 108.22 level where another fall is likely…

In conclusion: The USDJPY sees downside threats below 107.35 levels…

Support: 106.63, 106.20, 105.68, 105.10

Resistance: 107.35, 108.22, 108.75, 109.19

Note: Hidden support comes at 106.87 levels. A daily closing below that level paves the way to 106.20 levels. Stability above 106.87 will keep consolidating below/around 107.35 levels.

USDJPY Daily Forecast Jul 16 2020