USDJPY Forecast

The USDJPY attempted to push lower on Friday, hit a new record low at 75.93 but bounced higher earlier today in Asian session hit 77.19. The bias is neutral in nearest term. The major scenario remains strongly bearish but would need a clear break and daily close below 76.21 to continue the bearish scenario targeting 75.00. On the upside, immediate resistance remains around 77.21/50. 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 strongly bearish and so far I don’t see any potential technical correction/reversal warning.  The Japanese government intervene the market to weaken the Yen three times this year but so far the result is disappointing.

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