USDJPY Forecast

The USDJPY was indecisive on Friday, made a Doji on daily chart after unable to make a clear break below 78.24 key support area. My overall technical bias remains strongly to the downside but until we have a clear break and daily close below 78.24, price is still in a consolidation phase. Immediate resistance is seen around 78.54 (current high). A clear break above that area could trigger further bullish pullback but as long as price stays below 79.55 I still prefer a bearish scenario at this phase. A clear break and daily close below 78.24 would give further confirmation to the bearish continuation scenario testing 76.21 region.

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