USDJPY Forecast

The USDJPY was corrected lower yesterday, broke below 84.70 and hit 83.45 earlier today in Asian session. The bias is bearish in nearest term testing 83.00 but note that the major scenario remains bullish and only a consistent move below 82.00 could be a threat to the major bullish outlook. On the upside, immediate resistance at 84.50. A clear break above that area would lead us to neutral zone in nearest term and we need a clear break above 85.00 to end this bearish correction phase retesting 85.90 key resistance area.

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