Technical Outlook : Outlook in USDJPY remains on the upside as long as support 115.57 holds on a weekly closing basis , resistance comes at the 116.81 levels , a break would open 118.00 levels . A halt is strongly suggested , but a clear break above the 118.00 levels will have large bullish implication towards the 121.50/124.12 levels.
On the downside , support comes at the 115.57 levels , a clear break below this level will turn outlook neutral for retesting the 114.53/112.47 levels before the next rise.
In all , as long as support 115.57 holds on a weekly closing basis , outlook in USDJPY remains on the upside towards the 118.00 levels where a break will target the 124.00 levels , below 115.57 would only delay the bullish move for retesting the 114.53/112.47 levels before the next rise.
Support and resistance : 112.47 , 114.53 , 115.57 , 116.80 , 118.00 , 121.50 , 124.15
Key data/events which may influence USDJPY next week :
Sunday Nov 16 2014
- Japan will release data on Gross Domestic Product (GDP) around mid-night !
Tuesday Nov 18 2014
- US will release its data on PPI (m.m).
Wednesday Nov 19 2014
- From Japan , BoJ Interest Rate Decision followed by BoJ Press Conference.
- US will release its data on Building Permits followed by FOMC Meeting Minutes.
Thursday Nov 20 2014
- US will release its data on CPI (m/m ) and Core CPI (m/m) followed by its weekly report on Initial Jobless Claims and Philadelphia Fed Manufacturing Index.
Events will be discussed during the week.
- Medium / long term forecast is bullish as long as 112.47 holds on a weekly closing basis , losing the 112.47 levels on a weekly closing basis is needed to signal short term topping.
- A clear break above the 118.00 levels will open 124.00 levels .
- Watch out for news near support and resistance levels .