USDJPY Daily Forecast Oct 12 2018

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USDJPY: Bearish Despite Recovery Attempts!

No change, as long as 112.35 resistance holds on a daily closing basis, the USDJPY remains on the downside to the 111.75 levels, a halt is likely but a cut would open 111.05 levels, further down, support comes at the 110.60 levels.

Below 112.35 remains under pressure, above 112.35 sees recovery threats to 112.85/113.38 before another fall.

On the upside, a sustained breakout- daily closing – above 112.35 will bring limited gains below 112.85/113.38 levels before another fall, above 113.38 will reverse risk to the upside to the 114.54/114.88 levels.

Conclusion: The USDJPY continues to face downside threats below 113.38 levels even in the case of a corrective recovery…

Support:112.00, 111.75, 111.05, 110.60

Resistance: 112.35, 112.85, 113.38, 114.27

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