USDJPY Daily Forecast

The USDJPY attempted to push lower yesterday, bottomed at 94.67 but further bearish pressure was limited as the pair closed higher at 95.33. I still prefer downside scenario but as you can see in h4 chart below we have a hammer candlestick formation which is technically a potential warning of bullish reversal testing 96.00 and 96.70 resistance area. I think it’s better to stay away from the market now. Immediate support is seen at 94.50. Break below that area should trigger further bearish pressure.