USDJPY Weekly Forecast 13 -17 Jan

Recommendations: LONG positions above 103.38 with 104.50 & 105.00 as next targets.
Alternative scenario:The downside breakout of 1.3590 will call for a slide to 1.3550/1.3500.
Description: Stability above the key support 103.38 on a 4 hour closing basis will keep the bullish momentum intact and look for 104.50 levels ahead of 105.00 levels, a halt is suggested but break of 105.00 levels will open 105.50 /106.00 levels next.On the downside ; main support comes at the 103.38 levels , losing this level on a 4 hour basis would resume the bearish correction for retesting 103.00 levels ahead of 102.50 levels , next support comes at 102.00 levels.

Support & Resistance : 102.00 , 102.50 ,103.00 , 103.38 (Pivot ) , 104.00 , 104.50 . 105.00 , 105.50

 

 

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