USDJPY – Weekly Forecast 08 Jul 2013

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The USDJPY was halted last week at 100.66 levels, as suggested in the previous report,  the pair found resistance at 100.85 and found support at 99.25, but market’s failure at 99.25 pulled the pair back towards 100.85 levels, since 100.85 is broken , now focus will be on the key resistance 102.52 where a breach will turn focus on the main resistance on weekly at 103.73.

On the downside, support is at 99.25, stability below 99.25 on a daily closing basis would suggest that rise from 93.78 is over and fall from 103.73 is resuming, If seen the pair would target 97.55 ahead of 95.50 and 92.50 levels.

In all, as long as 103.73 holds on a weekly closing basis, the pair is likely to return to its downside bias with risk towards 97.00/92.00 levels, stability  above 103.73 on a weekly closing basis, would suggest that fall from 103.73 is over at 93.78, and rise from 77.12 is likely to extend its strength beyond 103.73 towards 111.00 levels 127.2% projection of (72.12/103.73) run.

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MARKET DATA

UPCOMING ECONOMIC EVENTS

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