USDJPY Forecast

The USDJPY failed to continue its bullish intraday bias on Friday and now testing the lower line of the bullish channel as you can see on my h4 chart below. The bias is bearish in nearest term but note that as long as price moves inside the bullish channel the overall intraday bias remains to the upside testing 82.20 key resistance area. Overall there are no changes in my daily chart outlook where price still consolidating, moving in range area of 82.20 – 79.55 and we had another Doji on weekly chart suggests indecisive/unclear movement. Aggressive intraday traders can long around the lower line of the bullish channel with a tight stop loss on a break below the bullish channel. Immediate resistance is seen at 81.20/50 area. A clear break above that area would keep the bullish intraday outlook remains strong testing 82.20. Immediate support is seen at 80.50. A clear break below that area and a violation to the bullish channel could trigger further bearish pressure testing 80.00 and 79.55 support area.

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