USDJPY Forecast

The USDJPY made another volatile but indecisive movement last week. Overall price still trapped in range area of 79.55 – 82.22 since May with no clear direction and momentum. On h4 chart below we can see price failed to consistently move above the trend line which could open the door for a retest of 79.55 strong support area. My intraday technical bias is a little bit mess. The best intraday plan I can think of is a long position around 79.55 with a tight stop loss as a clear break below that support could trigger further bearish momentum testing 78.24 and 76.21 area. Immediate resistance at 80.50/85. A clear break above that area would change the intraday bias back to bullish retesting 82.22 (May’s high).

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