USDJPY Forecast

The USDJPY failed to continue its bullish momentum yesterday, bottomed at 79.20 and closed at 79.44. The bias is bearish in nearest term testing 78.98. Immediate resistance is seen around 79.70. A clear break above that area could lead price to neutral zone in nearest term testing 80.00 region. Medium and nearest term direction is unclear after bounced from the record low. I prefer a bullish reversal scenario but a clear break and daily close below 78.98 could trigger further bearish pressure testing 78.27 even retesting the record low at 75.56. On the upside, we still need a consistent movement above 80.00 to have further bullish momentum.

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