USDJPY Forecast

The USDJPY failed to continue its bullish short term bias yesterday. As you can see on my daily chart below price is now testing the upper line of the previous minor range around 77.33 which could be a key short term support. As long as stays above the minor range the overall short term bias remains to the upside. A clear break and daily close back below 77.33 could trigger further bearish pullback testing 76.60/50. From a broader outlook, I still prefer a bullish scenario at this phase, seeing area above 75.56 (record low) as a buy zone expecting a bullish reversal scenario with a tight stop loss below 75.56.

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