The USDJPY had a bullish momentum yesterday and now back above 82.50 support area. The downside scenario of the “head and shoulders” remains intact but the bias is bullish in nearest term testing 83.05 (neckline) and a clear break above the neckline would be a threat to the bearish scenario testing 83.96 (the head). A clear break above 83.96 could be a beginning of a new bullish scenario. On the downside, another clear break below 82.50 would lead us to neutral zone in nearest term but would keep the “head and shoulders” bearish scenario remains strong with nearest target remains around 80.90.
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