USDJPY: Bearish, Vulnerable To The Downside.
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
Resistance: 107.52, 109.85, 111.50, 113.50
Key/data events which may affect USDJPY this week:
- ISM Manufacturing PMI (Jul) on Monday at 14:00 GMT.
- ISM Non-Manufacturing PMI (Jul) on Wednesday at 14:00 GMT.
- Initial Jobless Claims on Thursday at 12:30 GMT.
- Nonfarm Payrolls (Jul) on Friday at 12:30 GMT.
- Unemployment Rate (Jul) on Friday at 12:30 GMT.