USDJPY Forecast

The USDJPY had another insignificant movement yesterday. We had only about 50 pips movement up and down in the last two days and about 100 pips so far this month, a movement that other major pairs would have in just one single day. The current consolidation condition after hit the record low doesn’t give us much room for intraday plan (unless you are a scalper) so I still prefer to have a long term perspective, seeing area above 75.65 as a buy zone, 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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