USDJPY Forecast

The USDJPY was indecisive yesterday. Price attempted to push lower, bottomed at 76.34 but closed higher at 76.81. There were some downside pressures earlier today in Asian session which keep the bearish technical bias remains strong still retesting 76.21. A clear break below that area could trigger further bearish momentum testing 75.00 region but a rapid Yen appreciation could trigger another intervention by the Japanese government. Technically we still don’t have a bullish correction/reversal warning so my technical view remains strongly to the downside. Immediate resistance is seen around 77.21 (current high). A clear break above that area could lead price to a neutral zone in nearest term but long position is not recommended.

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