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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