Outlook in USDJPY remains on the downside as long as 119.73 resistance holds on a daily closing basis, support comes at the 118.77/118.12 levels , a halt is strongly suggested but a cut would open 117.50 next , further down will target the 116.70/116.00 levels.
On the upside , resistance comes at the 119.73 levels , break of 119.73 on a daily closing basis will turn outlook neutral and open 120.90 levels , however ; sustained breakout above the 120.90 levels is needed to restore mid-term upward trend ,otherwise , the pair remains under pressure !!!
In all , as long as 119.73 resistance holds on a daily closing basis , outlook in USDJPY remains on the downside towards the 118.20 levels ahead of the 117.50 levels , above 119.73 will turn outlook neutral for retesting 120.90 levels before the next possible
Support and resistance : 115.50 , 116.15 , 116.70 , 117.50 ,118.20, 118.77 , 119.73 , 120.44 , 120.90 , 121.30, 122.00, 122.75 , 123.30
Short term trend : Downward (below 121.00/119.73)..
Long / medium term trend : Neutral (above 115.00)…
Key data (events) which may affect USDJPY pair this week :
1.US Existing Home Sales (Mar). Wednesday at 14:00
2.US Initial Jobless Claims .Thursday a 12:30
3.US New Home Sales (Mar) .Thursday at 14:00
4.US Core Durable Goods Orders (M.M) (Mar). Friday at 12:30
*All times are GMT
Conclusion : AS long as 121.00 resistance holds on a daily closing basis , the pair remains under pressure and further down couldn’t be ruled out towards the 115.00 levels .On the upside , sustained breakout above the 121.00 levels is needed to restore the mid-term bullish trend , otherwise the pair remains under pressure , keep an eye on news near 118.20 , 119.73, 120.90 levels..