USDJPY Forecast

The USDJPY was able to maintain its bearish intraday bias yesterday and now traded below 82.00 which is the 38.2% Fibonacci retracement of 76.21 to 85.51 as you can see on my daily chart below. The bias remains bearish in nearest term testing 80.85 (50% Fibo). CCI in negative territory suggests downside pressure. However, note that a strong Yen appreciation could create speculation about another potential intervention to weaken the Yen. Immediate resistance at 82.00. A clear break above that area could lead us to neutral zone in nearest term testing 82.50 – 83.00.  Today some markets are closed on Good Friday.

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