USDJPY Forecast

The USDJPY failed to continue its bullish momentum yesterday and now back below 77.80. The bias is neutral in nearest term but I still prefer to have a long term perspective to this pair, seeing a buy zone above record low 75.65. A quick look at the monthly chart easily reveals that price is moving sideways in the last four months with 75.65 as a key support, a potential turning point for a major/big bullish reversal scenario. Nearest bullish target remain around 79.52 followed by 81.00. A long term trading plan with proper money management is much better right now than a short term plan.

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