The USDJPY continued its bearish momentum yesterday and fell below the bullish channel as you can see on my h4 chart below. This fact change my intraday bias to a bearish outlook testing 79.55 but note that overall price is still trapped in a range area of 82.20 – 79.55 and need a clear break on either side to see clearer direction. Aggressive intraday traders can activate their bearish intraday mode but also may see a good buy opportunity around 79.55 with a good risk – reward ratio, a tight stop loss below 79.55. Immediate resistance is seen at 80.35/50. A clear break above that area would lead us back to neutral zone in nearest term testing 81.20 resistance area.
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