USDJPY – Weekly Forecast 16-20 Sept 2013

The USDJPY continued its consolidation phase last week, the weekly close above the 99.27 levels is likely to add pressure on the 100.86/101.52 levels, to resume rise from the 95.80 levels , the pair needs to clear the 101.52 levels to open 103.73 levels, a breach will have large bullish implication towards the 108.21 levels, further upside will aim the 112.30 levels.

On the the downside, a weekly close back below the 99.27 levels , will confirm rejection from the 101.52 levels, If seen , It will add pressure on the 96.81/95.80 levels , losing this level will turn focus on the 92.56 levels , If this this important support fails, expect the market to weaken further towards the 85.00 levels.

In all , the pair is trapped within consolidation pattern, a weekly close below 92.56 or above 103.73 is needed to get out of this range , otherwise more sideways moves are suggested within 92.56/103.73 range .

Support and resistance levels (weekly chart) : 84.17 ,89.15,  92.56 (main) ,93.52 ,  95.80 , 96.81 , 99.27 (pivot) , 100.86, 101.52 , 103.73 (main), 108.21, 112.30

 

Trend Strength (Weekly Chart):

Bullish : above  103.73

Neutral : below 103.73

Bearish : below 92.56

 

USDJPY – Weekly Chart

 

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