USDJPY Daily Forecast May 07 2014

The USDJPY  maintained a bearish momentum yesterday , printed resistance at the 102.18  levels .This development leaves the pair targeting the 101.00  levels where a breach will turn focus on the 100.55  levels , further downside will aim the 100.00  levels.

On the upside , resistance comes at the 101.86  levels ahead of 102.18  (main), break of 102.18  levels on a daily basis would recapture the 103.11  levels , If this resistance is taken out , expect the pair to strengthen further towards the 104.12 levels , further upside will aim the 104.83 levels..

In all , as long as resistance 102.18  holds on a daily closing basis  , outlook in USDJPY  remains on the downside towards the 101.00/100.55  levels, break of 102.18  will reverse risks towards the 103.11  levels…


USDJPY Daily Forecast May 07 2014