USDJPY Forecast

The USDJPY attempted to push lower yesterday, bottomed at 77.55 but closed higher at 77.93. The bias remains neutral in nearest term and volatility remains low.  I still prefer to have a long term perspective, seeing area above 75.56 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. Price has been in a long period of consolidation after hit the record low and likely to stay this way during the last week of this year.

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