USDJPY Forecast

The USDJPY made another indecisive movement yesterday but had a significant bearish pressure earlier today in Asian session, broke below 78.24 and hit 77.88. The bias is bearish in nearest term testing 77.35 region before targeting 76.21, which might be hit if price able to close below 78.24 today. Immediate resistance is seen around 78.65 (current high). A clear break above that area could lead us to neutral zone in nearest term. We have a CCI bullish divergence on daily chart suggests a potential bullish pullback, but as long as price stays below 79.55 my overall intraday bias remains to the downside.

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