USDJPY – Monthly Forecast Nov 2013

Recommendations: LONG positions above 97.57 with 101.52 & 103.73 as next target.
Alternative scenario:The downside breakout of 97.57 will call for a slide to 94.00 /89.00
Description:The pair has printed support at the 97.57 on a monthly basis, stability above this level could mean a return to the 103.73 levels, break of 103.73 would open 105.72 levels , at this point I’d expect strong resistance from 105.72 to contain any rise and bring reversal, break of 105.72 would open 111.00 levels .On the downside , losing 97.57 on a monthly basis will confirm topping at 103.73 and it would open 94.00/89.00 levels ahead of  85.00 levels.