USDJPY Forecast

The USDJPY was able to maintain its bearish intraday bias yesterday, bottomed at 81.25 and closed at 81.37. The bias remains bearish in nearest term still targeting 80.85 (50% Fibonacci retracement of 76.21 – 85.51) before testing 79.80 (61.8%% Fibonacci retracement of 76.21 – 85.51). Immediate resistance remains around 82.00. A clear break above that area would lead us to neutral zone in nearest term as direction would become unclear testing 82.50 but overall we are still in a bearish phase. CCI remains in negative territory suggest further downside pressure is potential.

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