USDJPY: Bearish Despite Recovery Attempts…
The USDJPY remains on the downside as long as 106.46 resistance holds on a weekly closing basis. Support comes at 105.65 levels ahead of 104.50 levels. A halt is likely, but below 104.50 aims the 103.00 levels, further downside, support comes in the 101.45 levels.
On the upside, immediate resistance comes in the 106.46 levels. Above 106.46 – weekly closing basis – sees limited recovery to 107.52 levels where fall resumption is very likely. However; above 107.52 extends the corrective recovery to 109.85 levels.
In conclusion: The USDJPY sees downside threats below 106.46/107.52 levels in the medium-term forecast.
Support: 105.65, 104.50, , 103.00, 104.45
Resistance: 106.46, 107.52, 109.85, 111.50
Key/data events which may affect USDJPY this week:
- U.S PPI (MoM) (Jul) on Tuesday at 12:30 GMT.
- U.S CPI/Core CPI (MoM) (Jul) on Wednesday at 12:30 GMT.
- U.S Initial Jobless Claims on Thursday at 12:30 GMT.
- U.S (Core) Retail Sales (MoM) (Jul) on Friday at 12:30 GMT.