USDJPY Forecast

The USDJPY made another volatile but indecisive movement on Friday. The bias remains neutral in nearest term as price is moving in a sideways mode. On daily chart below we can see the bearish momentum since the fall from 85.51 found a support at 61.8% Fibonacci retracement of 76.21 – 85.51 around 79.80 and the trend line support. We also have a hammer candle stick formation which stopped the bearish momentum. We need a clear break below the trend line support and 79.80 to continue the bearish scenario. As long as price stays above 80.85 the intraday technical bias remains more to the upside, but also need a clear break above 81.33 to continue the bullish momentum testing 82.00 resistance area. Hourly CCI remains in a bullish territory while h4 and daily in a neutral zone.

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