USDJPY Daily Forecast May 05 2017

USDJPY: Bullish But Faces Pullback Threats Around Weekly Resistance 112.67!

USDJPY: Bullish But Faces Pullback Threats Around Weekly Resistance 112.67!

Outlook in USDJPY remains on the upside as long as 112.30/111.80 support holds on a daily closing basis, resistance comes at the 112.67 levels. At this point, I’d expect a strong resistance from the 112.67 levels (weekly resistance – close of the week Mar 12, 2017) and 61.8% Fib retracement of the rum ( 108.12/115.50). However; the USDJPY will have to break and hold above that level to prevent a return to the downside If seen, It will target 113.55 next, a halt is likely but a break will bring more gains towards the 114.87 levels ahead of the 115.50 levels.

On the downside, a failure to take out the 112.67 levels could mean a return to the 112.30/111.80 levels, where a break will turn attention to the 110.93 levels, further down, support comes at the 109.59 levels…

Conclusion: Despite the pair is bullish above 111.80 but it remains exposed to the downside below the 112.67 levels…

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