USDJPY Forecast

The USDJPY continued its bearish correction yesterday and now testing 82.00 support area which is the 38.2% Fibonacci retracement of 76.21 to 85.51. The bias is bearish in nearest term especially if price able to make another clear break below 82.00 testing 80.85 (50% Fibo). However, note that a strong Yen appreciation could create speculation about another potential intervention to weaken the Yen. Immediate resistance at 82.50. A clear break above that area could lead us to neutral zone in nearest term testing 83.00.

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