USDJPY: Sees Recovery Threats!
As long as 111.75/112.25 support holds on a daily closing basis, the USDJP remains in a recovery mode and further upside could be seen to 112.94/113.22 levels, a halt is likely and it may turn lower from, but a breakthrough 113.22 will turn outlook bullish and reverse risk to the upside to 113.85 level, further upside, resistance comes at 114.52 level.
On the downside, support comes at 112.25 ahead of 111.75 level, below 111.75 will restore the downside momentum and turn the focus on 111.05 level with a break below here opening the way to 110.50 level.
Conclusion: The USDJPY sees recovery threats above 111.75/112.25 levels.
Support: 112.25, 111.75, 111.05
Resistance: 112.94, 113.22, 113.85
- The U.S will report on the Philadelphia Fed Manufacturing Index today at 12:30 GMT. The indicator is expected to fall 19.7, from 22.9 a month earlier. Any reading above forecast will support the USD while any reading below forecast will support the EURO. A selling opportunity is likely today.