Yen weak across the board at the end of the week, taking USD/JPY to session peaks in the 120.15/20 area.
- The pair is lacking conviction, losing directional strength on a mixed outlook from the Central Banks
- Upside remains capped beneath 120.36-120.72 cloud, close above the cloud top needed to buoy bulls
- Tenkan & kijun lines are negative aligned, short-term bias is slightly for a bearish resumption
- USD/JPY is currently trading at 120.21, with immediate resistance at 120.36 (Daily High Oct 7) and support at 119.62 (Daily Low Oct 8)
Resistance Levels:
R1: 120.36 (Daily High Oct 7)
R2: 120.57 (Daily High Oct 6)
R3: 120.72 (Daily Cloud Top)
Support levels:
S1: 119.62 (Daily Low Oct 8)
S2: 119.00 (Psychological Level)
S3: 118.68 (Daily Low Oct 2)
