USDJPY Weekly Forecast Oct 29 2018

USDJPY: Consolidates With Upside Bias!

As long as 111.65 support holds on a weekly closing basis, the USDJPY remains neutral with a risk to the upside, resistance comes at 112.90 level, a break would open 114.20 level, further upside, resistance comes at 115.85 level ahead of 117.65 level.

On the downside, support comes at 111.65 level, below that level will suggest a short-term topping around 114.20, and extend the corrective pullback to 110.35 level, further down, support comes at 109.25 level.

Conclusion: The USDJPY continues to consolidate above 111.65 level with risk to break higher in the medium- term forecast

Support: 111.65, 110.35, 109.25, 107.65

Resistance: 112.90, 114.20, 115.85, 117.65