The USDJPY maintained some bullish momentum last week , but the upside move was rejected from the 100.86 levels as suggested in the previous forecast, however; the pair printed a new support at the 98.53 levels, stability above this level will build a pressure on the 100.86/101.52 levels, in other words a consolidation above the 98.53 may recapture 100.22 levels with a breach for testing 100.86/101.52 levels, break of 101.52 will have large bullish implication towards the 103.73 levels.
On the downside, losing the 98.53 levels will confirm short term topping and flip bias back to the downside for retesting 96.80 ahead of 95.80 levels.
In all, as long as 98.53 levels hold on a daily closing basis, the pair will remain biased to the upside with risk towards 100.00/101.51 levels.
Support and Resistance levels on daily : 90.85, 92.55 , 93.78 , 95.80, 96.81 , 98.53 , 100.22 ,100.86, 101.52. 103.73, 104.65, 105.95
Trend Strength (daily chart):
Bullish : above 101.52
Neutral : below 101.52
Bearish : below 98.53
Live Chart Of USDJPY
Key data/events which may influence USDJPY this week:
- US – Unemployment Claims ,Thursday 12:30 pm
- US – Core Retail Sales m/m ,Friday , 12:30 pm
- US – PPI m/m, Friday , 12:30 pm
- US – Retail Sales m/m , Friday , 12:30 pm
- US – Prelim UoM Consumer Sentiment , 01:55 pm
All times are GMT.
USDJPY Daily Chart