Oct 23 2017

Technical View – USDJPY

Failure to hold above the key levels mentioned, if followed by a break below 113.50 (last week’s low), could yield a sell-off to the upward sloping weekly 50-MA level of 112.33.

On the higher side, only a weekly close above 114.45 (resistance offered by the trend line sloping lower from the Aug 2015 high and mid-Dec 2015 high) would signal a continuation of the rally from the low of 107.32.