USD/JPY Forecast

The USDJPY had a significant bullish momentum yesterday. The triple top formation has been violated to the upside indicating potential bullish outlook testing 96.50 – 97.00 area. However it’s still too early for bullish outlook in medium term since actually the pair is still below the trendline resistance. The current bullish momentum might be strong enough to test the trendline resistance but until it is broken, the bullish scenario is not confirmed yet. In nearest term, as long as the pair stay above 95.30 area, I prefer a bullish outlook. But once traded below that area, we should see further bearish pullback.