A bear gap Monday (closed up to 123.19/20), but a push below 122.44/43 leaves a more negative tone for neutral range theme for July below 121.53.
Whilst above 121.53, however, , we still see an underlying bull tone from the May breakout above the 2002 peak at 125.81.
We see a downside bias for 122.09; break here aims for key 121.54/53
But above 123.00 aims through 123.20 closer to 123.99.
Short/ Intermediate-term Outlook - Upside Risks:
Whilst above 121.53, we see a positive tone with the bullish threat to 125.81/85.
Above here targets 129.08 and 130.00.
What Changes This? Below 121.53 signals a neutral tone, only shifting negative below 120.64.
A taster of the report above. To view the full USDJPY report with screencasts, levels and more, click here
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here
2 Hour USDJPY Chart
Daily USDJPY Chart