USDJPY Forecast

The USDJPY made another indecisive movement yesterday. There are no changes in my technical outlook. Price has been moving sideways since August 10 with no single convincing bullish/bearish candle but a lot of Dojis as you can see on the blue box area on my daily chart below. Expected daily range remains between 76.21 – 77.21. A clear break above 77.21/50 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.  On the downside, a clear break and daily close below 76.21 could continue the bearish scenario testing 75.00.

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