USDJPY: Bearish, Risk Builds On The 104.50 Levels…
The USDJPY remains on the downside as long as 107.52 resistance holds on a weekly closing basis. Support comes at 106.65 levels ahead of 104.50 levels. A halt is likely, it may test 106.65 before attempts to break below 104.50 levels. Anyway; below 104.50 aims the 103.00 levels, further downside, support comes in the 101.45 levels.
On the upside, resistance comes in the 107.52 levels. Above 107.52 (weekly closing basis) sees recovery threats to 109.85 levels. Above 109.85 extends the recovery to 111.50 levels.
In conclusion: The USDJPY sees downside treats below 107.52 levels in the medium-term forecast.
Support: 105.65, 104.50, 103.00, 101.45
For today (Monday): As long as 106.20 resistance holds on a daily closing basis. The USDJPY remains on the downside to 105.70/105.10 levels. Above 106.20 sees recovery threats to 106.63/107.45 levels.
Support: 105.68, 105.10, 104.65, 104.15, 103.55
Key data/events which may affect USDJPY this week:
- U.S Core Durable Goods Orders (MoM) (Jun) on Monday at 12:30 GMT.
- CB Consumer Confidence (Jul) on Tuesday at 14:00 GMT.
- Fed Interest Rate Decision on Wednesday at 18:00 GMT.
- FOMC Press Conference on Wednesday at 18:30 GMT.
- U.S GDP (QoQ) (Q2) on Thursday at 12:30 GMT.
- U.S Initial Jobless Claims on Thursday at 12:30 GMT.
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