USDJPY Forecast

The USDJPY continued its bearish bias yesterday, bottomed at 76.69 but closed a little bit higher at 77.13. The bias remains bearish in nearest term and there are no changes in my daily technical outlook where 76.21 remains the nearest target. Will price breaks below that level and hit another new record low? It’s not easy to tell but so far I have no bullish correction/reversal warning so I think the door for hitting another new record low is wide open, probably around 75.00. Immediate resistance is seen around 77.30. A clear break above that area could lead price to a neutral zone in nearest term testing 77.80 – 78.00 resistance area but only a clear break above 79.55 could stop the current strong bearish bias.

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