USDJPY Forecast

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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