USDJPY Forecast

The USDJPY was unable to continue its bullish intraday momentum yesterday. We have only about 70 pips movement up and down this week and there are no changes in my daily technical outlook. Looking at the daily is absolutely boring so let’s take a fresh look at the hourly chart below. Price has been moving in a bullish channel suggests a bullish outlook. At the same time, although there is no significant momentum so far, price keeps making a higher low on weekly chart in the last five weeks. We also know that there is a minor range between 80.20 – 81.20 as I mentioned yesterday. From this point of view, long around the lower line of the bullish channel and 80.20 region is a good intraday plan with tight stop loss below 80.20. However, note that overall we still need a clear break below 79.55 or above 82.20 to see clearer direction.

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