USDJPY Forecast

The USDJPY had a significant bearish momentum yesterday, broke below 79.55, bottomed at 78.46 but closed higher at 79.45 in a volatile market. The bias is neutral in nearest term but I see no serious sign so far that can be a threat to the major bearish scenario testing 78.24 even 76.21 support area. Immediate resistance is seen around 79.55. A clear break above that area could trigger further upside pullback testing 80.50. Unless price makes a clear break back above 80.50, I still prefer a bearish scenario at this phase.

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