USDJPY Forecast

The USDJPY was volatile but indecisive yesterday. Price attempted to push higher but again, found a good intraday resistance around 79.55 as you can see on my daily chart below. Potential intraday range is seen between 79.55 – 78.24. I still prefer a bearish intraday outlook as long as price stays below 79.55 and looks like that level is the best place for a short position with a tight stop loss as a clear break above 79.55 could trigger further bullish pressure testing 80.00/20 resistance area. On the downside, immediate support which is also the nearest bearish intraday target remains around 78.24. We need a clear break below that area to continue the bearish outlook testing 76.21 region.

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