The USDJPY didn’t make significant movement last week. Price has been in a long period of consolidation after hit the record low. I still prefer a bullish scenario at this phase with buy on dips strategy expecting a bullish reversal scenario after hit the record low. Immediate support remains around 77.50 followed by 77.12. Immediate resistance is seen around 78.20/50 area. A clear break and daily close above that area could trigger further bullish momentum testing 79.52 region.
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