USDJPY Forecast:

The USDJPY had a significant bearish momentum yesterday, bottomed at 88.23 but closed higher at 90.53 and keep corrected higher around 91.68 at the time I wrote this comment. On daily chart below we can see that price violated the bullish channel, slipped below the major trendline support but now traded higher above the trendline indicating the major bullish scenario remains intact so far but surely under serious threat especially if price move below the trendline support again testing 88.15 region. Break below that level could trigger further bearish scenario testing 84.82 area in longer term view. Immediate resistance at 92.50.  I personally don’t like huge movement in a volatile market since my risk management looks bad.

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