USDJPY Daily Forecast Mar 20 2020

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USDJPY: Hovering Around Medium Term Resistance…

The USDJPY remains in a recovery mode and further upside couldn’t be ruled out, as long as the pair trades above 108.83 levels on a daily closing basis. Resistance comes at 110.65 level. At this point, I’d expect strong resistance from the 110.65 levels to limit the rise from 101.17 levels and bring consolidation. Anyway; sustained trading above 110.65 paves the way to 112.00 level, further upside, resistance comes at 113.55 level…

Medium-term outlook: Recovery from 101.17 may extend to 109.55/110.45 where strong rejection is very likely…

On the downside, immediate support comes at 108..83 level. Below 108.83  sees a falling threat to 107.22 level before the next rise…

In conclusion: The USDJPY faces recovery threats above 108.83 levels…

Support: 108.83, 107.22, 105.83, 104.50, 103.00

Resistance: 110.65, 112.00, 113.55, 115.40, 116.70

USDJPY Daily Forecast Mar 20 2020

MARKET DATA

UPCOMING ECONOMIC EVENTS