USDJPY Forecast

The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook and price still moving sideways in the last two weeks as you can see on my daily chart below. The major scenario remains strongly bearish and no sign of potential bullish reversal scenario so far. Aggressive intraday traders may take advantage of the current range market by short around 77.50 or long around 76.21 with tight stop loss. A clear break and daily close above 77.50 could trigger further bullish correction scenario testing 78.50 but as long as price stays above 79.55 my major technical outlook remains to the downside. On the downside, 76.21 area has been providing a good/strong support in the last two weeks and price need to make a clear break and daily close below that area to continue the bearish scenario aiming for 75.00.

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