USDJPY Forecast

The USDJPY continued its bearish correction yesterday, bottomed at 81.91 and now testing 81.80 key support area. The bias is bearish in nearest term but overall I still prefer a bullish scenario at this phase and the current bearish intraday movement should be seen just as a corrective movement after the false breakout above 83.00 this week. Immediate resistance is seen around 82.50. A clear break above that area could lead price to neutral zone in nearest term. On the upside, we need a clear break and daily close at least above 83.00 to end the bearish correction phase retesting 84.00/17 area.

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