USDJPY: Weakens, Eyes The 112.00 Zone

Mohammed Isah FXTechstrategy

USDJPY: The pair weakened on Thursday leaving risk of more decline to occur in the days ahead. On the downside, support comes in at the 112.50 level where a break if seen will aim at the 112.00 level. A cut through here will turn focus to the 111.50 level and possibly lower towards the 111.00 level. On the upside, resistance resides at the 113.00 level. Further out, we envisage a possible move towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level. On the whole, USDJPY looks to extend its downside pressure.

Interested in USDJPY technicals? Check out the key levels

1. R3 115.86
2. R2 115.41
3. R1 114.75
PP 114.31
1. S1 113.65
2. S2 113.20
3. S3 112.54

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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