USDJPY Forecast

The USDJPY attempted to push higher last week, topped at 78.27 but whipsawed to the downside and closed lower at 76.67 on Friday. As you can see on my daily chart below price back inside the minor range, which could create a false breakout bearish intraday scenario but overall I still prefer to have a long term perspective seeing area above record low 75.56 as a buy zone expecting huge bullish reversal scenario. The failure to continue the bullish momentum last week also keep price in a long period of consolidation since six/seven months ago.

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