USDJPY Daily Forecast Nov 24 2015

Outlook in USDJPY has turned neutral at the moment, the pair remains in a pullback mode as long as trades below 123.60 levels on a daily closing basis, and further down couldn’t be ruled out, but downside below 123.60 should be contained well by the 122.20/122.59 levels where rebound is very likely, however, a cut through the 122.20 levels will suggest a short term top around the 123.60 levels If seen, further down towards the 121.08 levels is likely…

On the upside, a failure to hold below the key support 122.59 on a daily closing basis could mean a return to the 123.60 levels, a break will restore the upside momentum and open the 124.50 levels, further upside, resistance come sat the 125.35 levels…

Conclusion: The USDJPY continues to consolidate within 122.20/123.60 range, below 122.20 will open 121.08 while above 123.60 will pave the way towards the 124.50/125.35 levels…

 

USDJPY Daily Forecast Nov 24 2015

 

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