JPY Trading Outlook (08-01-2016)

USD/JPY Intraday: the downside prevails.

Pivot: 118.3

Our preference: short positions below 118.3 with targets @ 117.25 & 116.75 in extension.

Alternative scenario: above 118.3 look for further upside with 118.8 & 119.3 as targets.

Comment: a break below 117.25 would trigger a drop towards 116.75.

Supports and resistances:
119.3 ***
118.8 ***
118.3 ***
117.61 Last
117.25 **
116.75 ***
116.1 ***
                                               

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