USDJPY Forecast:

The USDJPY attempted to push lower yesterday, bottomed at 90.56 but further bearish pressure was rejected as price whipsawed to the upside, closed higher at 91.78. On daily chart below we can see that price is now testing the major bearish resistance indicating critical technical phase. The bias remains bullish in nearest term but the trendline resistance should provide a good resistance at this phase and we need a consistent movement above the trendline and 90.30 area to confirm the bullish reversal scenario at least targeting 93.75 area. Immediate support at 91.25 followed by 90.75/60 area.