Outlook in USDJPY remains on the upside as long as support 115.57 holds on a daily closing basis , resistance comes at the 118.00 levels , a clear break will have large bullish implication towards the 120.00 levels ahead of the 121.50 levels , a halt is likely but another break will pave the way towards the 124.00 levels.
On the downside , a rejection from the 118.00 levels could mean a return to the 115.57 levels , a halt is likely , but losing this level on a daily closing basis will turn outlook neutral towards the 114.53/112.47 levels before the next rise !!
In all , as long as support 115.57 holds on a daily closing basis , outlook in USDJPY pair remains on the upside towards the 118.00 levels where a breach will turn focus on the 120.00/121.50 levels , below 115.57 levels will reverse risk towards the 114.53 / 112.47 levels before the next rise…
Today focus will be on BoJ Press Conference at 07:30, later on the day , US Building Permits (MoM) (Oct) at 13:30, followed by the high importance FOMC Meeting Minutes at 19:00, high volatility is strongly suggested ………* All times are GMT