USDJPY Weekly Forecast Oct 15 2018

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USDJPY: Consolidates With Upside Bias!

The outlook in USDJPY has turned neutral with a risk to the upside support stands at 111.65 level while resistance comes at 114.20 level. on the upside, stability above 111.65 levels could mean a return to 112.90 level where a break will aim 114.20 level with a break above here targeting 115.85 level, further upside, resistance comes at 117.65 level.

On the downside, a weekly closing below 111.65 will confirm topping at 114.54 levels and pave the way to 110.35 levels, below 110.35 will look for 109.25 level, further down, support comes at 107.65 levels.

Conclusion: The USDJPY sees sideways move within 111.65/114.20 range with a bullish bias.

Support: 111.65, 110.35, 109.25, 107.65

Resistance: 112.90, 114.20, 115.85, 117.65

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