USDJPY Forecast

The USDJPY was volatile but indecisive yesterday. The upside pressure looks limited so far and price made another move below the triangle indicates the downside pressure remains strong although still unable to make a consistent and daily close below the triangle. The bias remains neutral both in short and medium term until we have a daily close below or above the triangle. Immediate support at 81.20. A clear break below that area would change the intraday bias to bearish targeting 80.90 – 80.30 support area. On the upside, immediate resistance at 82.00. Clear break above that area would change the intraday bias to bullish testing 82.50 – 83.05 but as long as price moves inside the triangle, overall price is still in a consolidation phase.

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