USDJPY Forecast:

The USDJPY attempted to push higher on Friday, topped at 90.40 but closed lower at 89.98. On daily chart below we can see that price is struggling around the upper line of the bearish channel, which is for me a good place for a short position with a tight stop loss above the channel. Good technical set up and risk-reward ratio. Immediate support at 89.50. Break below that area could trigger further bearish pressure testing 88.50 area. A consistent move above the bearish channel should be seen as a potential threat to the bearish outlook and open the door towards 91.25 area.