USDJPY Forecast:

The USDJPY made indecisive movement yesterday, formed a Doji formation on daily chart. On h4 chart below we can see that the pair attempted to push lower, break below trendline support but further bearish scenario was rejected as the pair whipsawed to the upside, closed above the trendline support. Looks like the trendline still did a good job, so further upside correction scenario is still intact. Although I am expecting further upside pressure, the trendline resistance should be a strong resistance so bullish momentum might be very limited in this phase. Immediate resistance is seen at 95.90. Initial support at 94.35 (yesterday’s low).