USDJPY: Looking For A New Direction…
As long as 112.63 support holds on a weekly closing basis, the USDJPY remains neutral with risk to the upside in the medium-term forecast. Resistance comes at 114.07 level. At this point; the USDJPY will have to break and hold above 114.07 level on a weekly closing basis to prevent a return to the downside. If seen it will target 114.83 level. A halt is likely, it may test 114.07 before attempts to break above 114.83 level. However; Above 114.83 aims 115.75, further upside, resistance comes at 117.00 level.
Alternatively, a failure to hold above 114.07 level on a weekly closing basis could mean a return to 112.63 level. Buyers will try to take it up from here, but if this fails to happen. It will dip further to 111.65, next support comes at 10.34 level.
Conclusion: The USDJPY continues to consolidate above 112.63 with an upside bias in the medium-term forecast.
Support: 112.63, 111.65, 110.34, 109.25
Resistance: 114.07, 114.83, 115.75, 117.00