The USDJPY continued its bearish momentum last week , topped at the 102.35 levels , and bottomed at the 101.30 levels .Now pressure will be on the key support 101.30 …
The USDJPY will have to hold below the 101.30 levels on a weekly closing basis to push the market for further downside losses , If seen , It will target the the 100.00 levels , a halt is likely , but losing the 100.00 levels on a weekly basis will open 98.80 levels, further downside will aim the 97.00 levels.
Alternatively , a failure to hold below the 101.30 levels on a weekly closing basis could mean a return to the 101.85 levels ahead of 102.35 (main) , a halt is suggested , but break of 102.35 on a weekly basis will recapture the 103.00/104.12 levels , If this resistance is taken out , expect the pair to strengthen further towards the 104.83 / 105.43 levels..
In all, as long as resistance 102.35 holds on a weekly closing basis , outlook in USDJPY remains on the downside towards the 100.00 levels ahead of the 98.80 levels. Break of the 102.35 levels on a weekly basis will reverse risks towards the 103.00 /104.12 levels..