The USDJPY had a significant bearish momentum last week, broke below 79.55 key support area, bottomed at 78.45 but closed a little bit higher at 79.05. The bias is neutral in nearest term but as long as price moves below 79.55 my overall intraday bias remains to the downside. Immediate support which is also the nearest bearish target remains around 78.24. We need a clear break below that area to continue the bearish scenario testing 76.21. On the upside, another movement back above 79.55 would lead price to neutral zone in nearest term testing 80.00/50 resistance area.
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