USDJPY Forecast

The USDJPY continued its bearish momentum yesterday after found a good resistance at 79.55 (former support) and now retesting 78.24 support area. The bias is bearish in nearest term. A clear break below 78.24 could trigger further bearish momentum testing 76.21 region. On the upside only a movement back above 79.55 could stop the current strong bearish intraday outlook as a part of a bearish scenario after the violation to the bullish channel as you can see on my daily chart below.

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