Outlook in USDJPY remains on the downside as long as 120.16 resistance holds on a daily closing basis , support comes at the 119.58/118.90 levels , a halt is likely but a cut would open 118.00 next , further down will target the 117.15 levels..
On the upside , resistance comes at the 120.16 levels , break of 120.16 on a daily closing basis will restore the upside momentum and open 120.65 levels ahead of the 122.00 levels.
In all , as long as 120.16 resistance holds on a daily closing basis , short term outlook in USDJPY remains on the downside towards the 118.90 levels ahead of the 118.00 levels , above 120.16 will restore the upside momentum and pave the way towards the 120.65/122.00 levels.
Support and resistance : 117.15 , 118.00 , 118.90 , 119.58 , 120.16 (main) , 120.65 , 122.00
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