USDJPY– Neutral – Consolidates above the immediate support zone

FX:USDJPY   U.S. Dollar / Japanese Yen
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USDJPY             122.50 – Neutral – Consolidates above the immediate support zone

USDJPY             is consolidating within a 3-week range under the 123.76 high (November 18, 2015). While the 121.50 area (October 30, 2015 range high) provides support to contain the dips, scope remains for upside. A break above 123.76 would extend the current upleg from the 118.06 low (October 15, 2015) to challenge the 125.27/125.85 resistance zone (August 12/June 5, 2015 highs). However, a clean loss of the 121.50 area would caution bulls and signal further weakness towards 120.01 (October 28, 2015 low) ahead of the 3-year rising trendline (from September 24, 2012 low).

Intraday: neutral
Daily: neutral
Weekly: bullish
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