USDJPY Daily Forecast Mar 07 2014

The USDJPY maintained a bullish momentum yesterday , bottomed at the 102.25 levels and topped at the 103.16 levels .Now pressure will be on the key resistance 103.16.

The USDJPY will have to hold above the 103.16 levels on a daily closing basis to push the market for further upside gains , If seen It will target the 103.70 levels where a breach will turn focus on the 104.30 levels , further out will aim the 105.00 levels.

On the downside , support comes at the 102.25 levels, stability above this level will keep pushing towards the 103.70 levels , but losing the 102.25 levels on a daily basis should weaken the current bullish run for retesting the 101.20 levels before the next possible rise , below 101.20 will open 100.80 levels.

In all , as long as support 102.25 holds on a daily basis , the USDJPY will remain based to the upside towards the 103.70/104.30 levels . Losing the 102.25 levels would reverse risks towards the 101.20/100.80 levels.


USDJPY Daily Forecast Mar 07 2014