USDJPY Daily Forecast Oct 03 2014

The USDJPY maintained a bearish momentum yesterday , printed resistance at the 109.11 levels and bottomed at the 108.00 levels . This development leaves the pair targeting the 107.45 levels , a halt is likely , but losing the 107.45 levels will continue losses towards the 106.70 levels , further downside will aim the 106.00 levels .

On the upside , resistance comes at the 109.11 levels , break of the 109.11 levels on a daily closing basis will turn outlook neutral for retesting the 110.08 levels , If this important resistance is taken out , expect the pair to extend gains towards the 111.00 levels where a breach will turn focus on the 112.30 levels .

In all, as long as resistance 109.11 holds on a daily closing basis , outlook in USDJPY remains on the downside towards the 104.45 levels and possible lower towards the 106.70 levels , break of the 109.11 levels will reverse risk towards the 110.08 levels before the next move !

Noe that downside move above the 106.00 levels , is seen as a corrective pullback , this level should contain fall from 110.08 levels and bring rebound , however , a clear break below the 106.00 levels will terminate the current bullish run and bring deeper pullback towards the 102.51 levels..

 

USDJPY Daily Forecast Oct 03 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS