USDJPY Bullish and Bearish Outlook for the Week Ahead
➖⚡➖ KEY TAKEAWAYS ➖⚡➖
✔️ USD remains under pressure
✔️ 50/50 chance of breaking higher or lower
✔️ Most technicals across the board point to a lower dollar
➖⚡➖ TECHNICAL ANALYSIS ➖⚡➖
Bullish Outlook:
USDJPY must break above the previous daily candles high 104.337 for confirmation of further upside
Bearish Outlook:
If we continue to see some further USD weakness in the week ahead, this pair would need to break below the support confluence zone before adding additional affirmation of a bearish continuation. A break below the 103 psychological handle, could exposure about a 200 pip downside reward for short sellers.
Regards,
Michael Harding 😎 Chief Technical Strategist LEFTURN Inc.
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