USDJPY Forecast:

The USDJPY had a bullish momentum yesterday, topped at 94.31 and closed at 94.01. The major bullish outlook since the bullish running from 84.82 remains intact but the pair has been moving in a range area of 94.70 – 92.00 for more than 4 weeks now without a clear direction. I will keep stay away from this tricky pair for now. Immediate support at 93.30. Break below that area could trigger further bearish pressure testing 93.00 – 92.50 area. Initial resistance at 94.70. Break above that area should confirm the bullish continuation scenario targeting 95.50 – 96.70 region.

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