The USDJPY had a bearish momentum yesterday, bottomed at 78.70 and closed at 78.81. The bias is bearish in nearest term testing 78.24 but note that as long as price stays above 78.24 price is still in a consolidation phase and need a clear break below that area to continue the bearish scenario testing 76.21. Immediate resistance is seen around 79.00 followed by 79.55. As long as price stays below 79.55 my overall technical bias remains strongly to the downside.
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