USDJPY Weekly Forecast 27 – 31 Jan

USDJPY Weekly Forecast 27 – 31 Jan  (Under Pressure)

Recommendations: SHORT positions around 103.57 with 101.60 & 101.15 as next targets.

Alternative scenario: The upside breakout of 104.83 will open 105.43/106.65 levels.

Description: Outlook in USDJPY is on the downside this week with risk towards 101.60 ahead of 101.15 levels as long as resistance 104.83 holds on a daily closing basis, at this point I’d expect strong support from 101.15 to contain fall from 105.43 and bring rebound to the upside, losing the 101.15 levels will bring a free fall towards 99.66 /99.09 levels. On the upside resistance at 103.57 ahead of 104.83 (main), break of 104.83 would challenge 105.43 levels, If this important resistance is taken out, next resistance would be 106.65…

Support & Resistance :99.09, 99.66,101.15 , 101.60 , 103.57 , 104.83 (Pivot) , 105.43, 106.65 , 107.00

 

USDJPY Weekly Forecast 27 - 31 Jan

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