USDJPY Forecast

The USDJPY attempted to push higher last week, topped at 80.13 but closed lower at 79.66 and hit 79.36 earlier today. The bias is bearish in nearest term especially if price able to make a clear break and daily close below 79.35/20 testing 78.89 – 78.27. Immediate resistance is seen around 79.70. A clear break above that area will interrupt the short term bearish trend but we need a clear break and daily close at least above 80.00 to continue the bullish pressure and give another chance to the bullish reversal scenario after hit the record low. I still prefer a bullish scenario at this phase as the record low at 75.56 can be a bottom.

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