14/08 – USDJPY outlook eyes on 123.95


14 August, AtoZForex.com, Milano — Technically Daily USDJPY outlook eyes are on the 123.95 level. (4:10GMT)

NEWS THAT CAN HAVE AN IMPACT:

  • U.S. PRODUCER PRICE INDEX (13:30 GMT)

Yesterday my First Resistance was hit @ 124.61. A bearish reaction already started. It will reach again 123.95 area.

My S/R view is still the following:

First Resistance: 124.61 (17th and 24th of June’s spikes)

USDJPY outlook Chart 1: Daily USDJPY eyes on 123.95 (Click on the image to enlarge)

if First Resistance’s breakout then ->
-> Second resistance: 125.80 (5th of June’s spike, weekly trendline)

if breakout then ->
-> Third resistance: 126.70 (weekly fibo expansion, weekly trendlines)

if breakout then ->
-> Fourth resistance: 128.22 (Weekly trendlines converging in overbought area)

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USDJPY outlook Chart 2: H4 USDJPY (Click on the image to enlarge)

First support: 123.95 (H4 trendlines converging to H4 fibo expansion)

if First support’s breakout then ->
-> Second support: 123.25 (H4 trendlines) 

if breakout then ->
-> Third support: 122.70 (H4 trendlines)

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