Bank of Tokyo Mitsubishi made a forecast for USD/JPY estimating the price for Q3 2016 at 112.00 with short-term ranging within 121.00 - 124.00, and this firecast was made based on fundamental analysis. As to technical analysis so, as we see from the charts below - the price is on primary bullish market condition with the secondary ranging within125.85 resistance level and 116.13 support level. Price is located near 123.26 resistance level for trying to break it from below to above.
- If the price breaks 125.85 resistance so the bullish trend will be continuing.
- If the price breaks 116.13 support level so the price will be started to be reversed to the primary bearish market condition.
- If the price breaks 110.76 support level so we may see the full reversal of the price movement to the primary bearish with the breakdown of the key support levels.
By the way, the forecasting value of 112.00 is located below Central Yearly Pivot at 114.36 in the bearish area of the chart.
| Resistance | Support |
|---|---|
| 123.26 | 118.05 |
| 125.85 | 116.13 |
| N/A | 114.36 |
