USDJPY – Weekly Forecast 05-09 Aug 2013

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The USDJPY maintained some bullish last week, after rebound from  97.57 levels, the pair found resistance at 99.57, to continue gains the pair will have to hold above the 99.57 levels on the daily closing basis to push the market for further upside gains, If seen, next resistance is at 100.45 ahead of 101.52.

On the downside, a failure to hold above the 99.57 levels could mean a return to the 97.57 levels, a break below this level will open the way towards  96.85 levels, below 96.85 will attack 95.93 ahead of 93.78.

In the medium term outlook, fall from 103.73 is treated as consolidation pattern, and fall from 101.52 is the second leg of this consolidation, with both levels intact, the third leg below 93.78 is suggested towards 91.00 levels, only break of 103.73 on weekly will invalid this view.

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