USDJPY Forecast

The USDJPY regained its bullish momentum yesterday, topped at 81.38 but corrected a little bit lower earlier today hit 80.88. The bias is bullish in nearest term testing 81.46. A clear break and daily close above that area could continue the bullish scenario testing 82.20 area. Immediate support is seen around 80.23 followed by 79.52. I don’t expect any movement below 79.52 as that would postpone the bullish scenario and intraday direction would become unclear. I still prefer a bullish scenario at this phase with buy on dips strategy expecting further bullish reversal scenario after hit the record low.

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