Outlook in USDJPY remains on the upside as long as 119.35 support holds on a daily closing basis , resistance comes at the 120.90 levels , a halt is likely but a break would open 121.50 next , further upside will target the 122.15/122.65 levels .
On the downside , support comes at the 119.35 levels (main), a cut will reverse risk to the downside and open the 118.70/118.30 levels ahead of the 117.00 levels..
In all , as long as 119.35 support holds on a daily closing basis , outlook in USDJPY remains on the upside towards the 120.90 levels ahead of the 121.50 levels , below 119.35 will reverse risk towards the 118.30 levels ahead of the 117.00 levels before the next possible rise..
Support and resistance : 114.00 , 115.00 , 115.85 , 117.01 , 117.75 ,118.33, 118.70 , 119.35 (main) , 120.44 , 120.73 , 121.30, 122.00, 122.75 , 123.30
Short term trend : Upward (above 119.35)…
Long / medium term trend : Neutral (115.00)…
Key data (events) which may affect USDJPY pair this week :
1.US Core Retail Sales (MoM) (Mar). Tuesday at 12;30
2.US Retail Sales (MoM) (Mar). Tuesday at 12:30
3.Bank of Japan Governor Kuroda Speech. . Wednesday at 06:15
4.US NY Empire State Manufacturing Index (Apr). Wednesday at 12:30
5.US Industrial Production (MoM) (Mar). Wednesday At 12:30
6.US Building Permits (Mar) .Thursday at 12:30
7. US Housing Starts (Mar) .Thursday at 12:30
8.US Initial Jobless Claims. Thursday at 12:30
9.US Philadelphia Fed Manufacturing Index (Apr). Thursday at 14:00
10.US Core CPI (MoM) (Mar). Friday at 12:30
11.US Michigan Consumer Sentiment (Apr).Friday at 14:00
* All times are GMT…
Conclusion :Despite the pair is bullish in short term view, It remains neutral (consolidation mode) in medium term outlook, the pair trapped within 115.55/121.50 range , below 119.35 could open 115.00 levels before the next rise , sustained breakout -weekly closing- above the 121.00 levels will restore the mid-term bullish trend , anyway , watch out for news near support and resistance levels (News may have strong impact on the pair near support and resistance levels).