Daily Technical Strategist on USDJPY

[FXTechstrategyTeam]

USDJPY: Vulnerable Below The 120.47 Level

USDJPY: Despite the pair’s marginal higher close the past week, it still faces bear risk while holding below the 120.47 level. On the downside, support comes in at the 118.62 level where a break will target the 118.00 level. Below here if seen will aim at the 117.00 level followed by the 116.00 and then the 115.00. On the upside, resistance resides at the 120.47 level. Below here will aim at the 121.00 level where a break will target the 122.00 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 124.00 level. On the whole, USDJPY remains exposed to the upside medium term but faces bear threats.