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USDJPY Technical Outlook (26-30 January,2015) | January 24, 2015
USDJPY is facing resistance at 118.80 level.This pair is now ranging between 117.20 to 118.80 area. So we need to wait for the breakout of this ranging zone. If break in downside, we can take sell and target will be 116 area. If break in the upside, then we can go for buy and target will be 120 level.
In weekly chart, we can see rejection candle rejected from 118.80 area. So it has some bearish momentum. We can not find any clear direction on daily candle. So our recommendation for this pair is to wait for breakout in this pair
Weekly Pivot, Support and Resistance
Resistance Two (R2): 119.72
Resistance One (R1): 118.73
Pivot Point: 117.81
Support One (S1): 116.82
Support Two (S2): 115.90
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