USDJPY Forecast:

The USDJPY attempted to push higher yesterday, hit my first long target at 95.05 but further bullish momentum was rejected as the pair whipsawed to the downside and closed lower at 94.49. CCI just cross the 100 line down on h4 chart suggesting potential downside pullback testing the upper line of the bearish channel which is now become a support area. The bias is neutral in nearest term and I think it’s better to stay away now and wait for further development. Immediate support is seen at 94.00 area. As long as the pair able to stay above that area, the bullish scenario remains intact. However, a break below that area and a movement back inside the bearish channel should be seen as bullish failure and potentially trigger further bearish pressure. Initial resistance at 95.05 (yesterday’s high).