Despite losing the upside momentum , outlook in USDJPY remains neutral with risk to the upside as long as support 117.35 holds on a daily closing basis , a failure to hold below the 117.35 levels on a daily closing basis could mean a return to the 118.37 levels , break of 118.36 on a daily closing basis would open 120.00 next , a halt is likely , but further upside will pave the way towards the 121.15 levels ahead of the 122.50 levels .
On the downside , support comes at the 117.35 levels , losing this level on a daily closing basis will bring a corrective pullback towards the 116.33/115.44 before the next rise.
In all , as long as support 117.35 holds on a daily closing basis , outlook in USDJPY remains on the upside towards the 118.37/120.00 levels ahead of the 121.15/122.50 levels , below 117.35 faces a pullback risk towards the 116.33/115.44 levels before the next possible rise..
- losing the key support 117.35 on a daily closing basis could be an early sign for a large bearish reversal scenario , note that 116.33/115.44 are minor levels , main support below 117.35 comes at the 108.34 levels , so heavy longs are expected around 117.35 levels .
- Today focus will be on JPY National CPI (YoY) (Oct) at 23:30 GMT ….