USDJPY Weekly Forecast Feb 02 2015

Japan652 min
Japan652 min

Outlook in USDJPY remains neutral with risk to the downside , the pair has lost its upside momentum , a short term top has been printed at the 121.83 levels , support comes at the 117.00 levels , losing this level would open 115.50 next , further down will target  the 114.30 levels .

On the upside , resistance comes at the 118.04 levels , sustained trading – weekly closing – above the 118.04 level will recapture the 120.70/121.83 levels و a halt is strongly suggested , but a clear break will restore the upside momentum and open 124.00 levels..

In all , as long as 118.04 resistance holds on a weekly closing basis , outlook in USDJPY remains on the downside towards the 115.50/114.30 levels , a clear break above the 118.04 level will recapture the 120.70/121.83 levels .

Note that fall from the 121.83 levels is expected to be contained well above the 112.47 levels ( strong support) where rise resumption is likely , losing the 112.47 levels on a weekly closing basis will terminate rise from 105.19 levels and could bring a lower leg below the 105.19 levels…

 

USDJPY Weekly Forecast Feb 02 2015

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