Daily Technical Outlook for USDJPY(Feb 06)

USDJPY continues to hold above the key support we stressed at 122.50-122.00 amid the overall bullish trend. Only a break below 112.00 may signal the end of the ongoing sideways consolidation and the extension of the bearish wave that started from around 118.60 levels.

Short term scenarios:
Bullish towards 113.45,113.85 and 115.00.
Bearish if below 112.00, targeting 111.35 and 111.00.

Short term key support and resistance
112.55 112.00 111.40
113.45 113.85 114.30