USDJPY Forecast

The USDJPY continue its bullish intraday bias yesterday, slipped above the range area as you can see on my daily chart below. This fact could lead price to further bullish correction testing 78.50 even 79.55. This is the first time we see two consecutive bullish daily candles in the last two weeks so further bullish correction is potential especially if price able to stay above 77.21 support area (former resistance). On the other hand, a failure to maintain the current intraday bullish bias and another daily close back below 77.21 could create a false breakout scenario which could trigger another downside attempt retesting 76.21 even lower.

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