USDJPY Forecast

The USDJPY continued its bearish bias last week, but still unable to make a clear break below 76.21 key support area. There are no changes in my technical outlook where overall technical bias remains strongly to the downside but need to make a clear break below 76.21 to continue the bearish scenario testing 75.00 area. So far there is no technical correction/reversal sign and as far as I can see, intervention by the Japanese government is the only threat to the current strong bearish outlook. Immediate resistance is seen around 77.30/50 region. A clear break above that area could trigger further bullish pullback testing 78.50 but as long as price stays below 79.55 my overall technical bias remains bearish.

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