The USDJPY had a bearish momentum yesterday after unable to make a clear break above 80.85. On hourly chart below we can see price still trapped in range area of 80.85 – 79.80 (50% – 61.8%) and need a clear break on either side to see clearer intraday bias. I still prefer a bearish scenario at this phase and expect a clear break below 79.80 testing 78.24 even 76.21. On the upside, a clear break above 80.85 could trigger further bullish pressure testing 82.00 but only a clear break back above 82.00 could be a threat to the current short term strong bearish outlook.
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