USDJPY Forecast

The USDJPY was volatile but indecisive last week. Price attempted to push lower, but whipsawed to the upside after found a good support at the record low around 76.21, slipped above 79.55 but closed back lower at 78.22. The record low 76.21 still provide a good psychological support at this phase, but the false breakout above 79.55 could trigger another downside attempt retesting 76.21 region. The bias is bearish in nearest term testing 77.35 – 76.21. Immediate resistance is seen around 78.50. A clear break above that area could lead price to neutral zone in nearest term testing 79.55 but as long as price stays below 79.55 my overall technical bias remains strongly to the downside.

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