The USDJPY had a moderate bullish intraday momentum yesterday. Not a bad recovery, but I don’t expect further bullish correction until we have a clear break and daily close above the current range (76.21 – 77.21), testing 78.50 even 79.55. A sideways/consolidation after hit a record low could create some speculation about bullish reversal scenario but for me it will need at least a movement back above 79.55 to see potential bullish reversal scenario. It may look too long and a little bit late from smaller time frames, but certainly not if we look at the weekly chart. On the downside, the scenario remains the same which need a clear break and daily close below 76.21 to continue the bearish scenario testing 75.00 area.
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