JPY Trading Outlook (02-02-2016)

USD/JPY Intraday: consolidation in place.

Pivot: 121.7

Our preference: short positions below 121.7 with targets @ 120.6 & 120.25 in extension.

Alternative scenario: above 121.7 look for further upside with 122.2 & 122.7 as targets.

Comment: as long as 121.7 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
122.7 *
122.2 *
121.7 ***
120.99 Last
120.6 **
120.25 **
119.6 **

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