USDJPY Forecast

The USDJPY continued its bearish momentum yesterday, bottomed at 80.28 and closed at 80.39. The bias remains bearish in nearest term testing 80.23 – 79.52 support area. From a longer term outlook I think the bullish reversal scenario since bounced from record low remains intact and 80.23 – 79.52 seems to be a good place to buy with a stop loss below 79.52. Immediate resistance is seen around 81.20. A clear break above that area could lead price to neutral zone in nearest term testing 81.80.

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