USDJPY Daily Forecast Oct 04 2018

USDJPY: Risk Builds Up On The 114.88 Levels!

As long as 114.27 – broken resistance turned support- holds on a daily closing basis, the USDJPY remains on the upside to the 114.88 levels, a halt is very likely but a break through the 114.88 levels will target the 115.50 levels ahead of the 116.35 levels, further upside, resistance comes at the 117.42 levels.

On the downside, a daily closing below 114.27 levels will suggest limited corrective pullback above the 113.45/113.15 levels where another rise is very likely, below 113.15 will aim the 112.55 levels.

Conclusion: The USDJPY sees upside threats above the 114.27 levels with a risk to the 114.88 levels, below 114.27 faces corrective pullback above 113.45 levels before another rise…

Support: 114.27,113.45, 113.15, 112.55

Resistance: 114.88, 115.50, 116.34, 117.42

Note: According to the weekly chart, the suggested target is around 114.80 levels, so a break above 114.88 is not easy at all…

Key data/events which may affect USDJPY today:

The U.S will release the weekly report on jobless claims at 12:30 GMT. Although the news is medium in importance, Thursday and Friday are the most important days of the week where the big and unexpected movements usually occur during these two days (mostly for political reasons). Anyway: Initial Jobless Claims is expected to fall 211K, from 214K in the previous week.