Outlook in USDJPY has turned neutral at the moment, support comes at the 121.04 levels while resistance comes at the 121.47 levels.
On the downside, sustained break below the 121.04 levels will put the pair in a pullback mode for retesting main support at the 120.72 levels, a halt is likely buy If 120.72 give away, expect a free fall to the 119.89/119.67 levels, a halt is very likely but further down will pave the way towards 119.25 levels.
On the upside, to prevent the risk of a return to the support 120.72 , the USDJPY will have to hold above the 121.37 levels on a 4 hour closing basis, If seen, focus will shift on the 122.00 levels where a breach will extend gains towards the 123.00 levels……Otherwise, it will remain vulnerable to the downside ……….
In all, the USDJPY is likely to consolidate within 120.72/121.37 range, below 120.72 faces a risk fall towards the the 119.89/119.67 levels, above 121.37 will extend gains towards 122.00 levels where a break will open 123.00 levels…
Note: According to the daily chart, reversal is strongly suggested around cluster resistance 121.35 at 127.2% extension of ( 118.50/120.73 run)…