USDJPY Forecast:

The USDJPY didn’t make significant movement yesterday, formed a Doji on daily chart. On daily chart below we can see that price is now struggling around the upper line of the bearish channel indicating critical technical phase. For me the upper line of the bearish channel remains a good place for a short position with a tight stop loss above the channel. Immediate resistance at 90.40. Break above that area should be seen as potential bearish failure and trigger further bullish momentum towards 91.25. Initial support at 89.00 – 88.50 area.