USDJPY Forecast

The USDJPY attempted to push lower yesterday, bottomed at 79.42 but closed higher at 79.69. While the nearest term bias remains bearish, note that volatility remains low and we don’t have a clear break below 79.52/35 key support area yet. I think buying around 79.52 area is still valid for a medium/long term trading plan and the risk – reward ratio is temping. On the downside, a clear break and daily close below 79.52/35 could be a threat to the bullish reversal scenario at least testing 78.27 area.

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