USDJPY Forecast:

Like I said yesterday, the CCI gave us valid signal about potential upside rebound as the pair corrected to the upside, topped at 90.68, closed at 90.39 and now traded around 90.40 at the time I wrote this comment. I still consider this rebound as a normal movement and as long as the pair stay below the bullish channel, I still prefer a bearish scenario. On my h4 chart below we have a minor trendline resistance (yellow) that might be our key resistance at this phase. I will be watching any reactions around that trendline and 90.50 area before make any decisions today. Consistent move above that area should trigger further bullish momentum towards the bullish channel and could be a serious threat to the bearish outlook. Immediate support at 89.88 followed by 89.50 area.