USDJPY Forecast

The USDJPY continued its bullish correction yesterday, topped at 83.35 and hit 83.43 earlier today in Asian session. The bias remains bullish in nearest term, but as you can see on my daily chart below, we may have a strong resistance around 83.50 and the upper line of the triangle. We need a clear break above the triangle to confirm the bullish reversal scenario targeting 84.40 even higher. Immediate support at 83.23 (current low). Break below that area could lead us to neutral zone in nearest term testing 82.80/50 but overall we are still in a bullish correction phase.

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