USDJPY Daily Forecast Nov 01 2018

Dollar -Yen - 659545 (1)

USDJPY: Bullish But Hesitates Ahead 113.15 Level…

As long as 112.29 support holds on a daily closing basis, the USDJPY remains on the upside to 113.65 level. A halt is likely, it may test 113.15 before another up. Anyway; above 113.65 aims 114.20 level, further upside, resistance comes at 114.95 level.

On the downside, support comes at 112.29 level, below that level will turn outlook neutral for 111.75/111.35 where another rise is likely…

Note: A failure to hold above 113.15 level on a daily closing basis could mean a return to 112.29 level.

Conclusion: The USDJPY sees upside threats above 112.29 levels even in the case of a corrective pullback…

Support: 112.29, 111.75, 111.05, 110.50

Resistance: 113.15, 113.65, 114.20, 114.95

Key data/events which may affect USDJPY today:

The U.S will report on ISM Manufacturing PMI for Oct at 14:00 GMT. The forecast is to slip to 59.0, from 59.8 in the preceding month. Any reading above forecast will support the USD. Below-forecast may push the pair to 1.1415 level.