USDJPY Forecast

The USDJPY had another insignificant movement yesterday still with low volatility.  There are no changes in my technical outlook. We have not enough information looking on shorter time frame, so I prefer to have a broader look, expecting a major bullish reversal scenario after hit the record low. As long as stays below 80.00 nearest term bias is more to the downside, testing 79.35 – 78.89 support area. A clear break and daily close below that area could trigger further bearish pressure testing 78.27. Daily CCI is moving between zero level and below -100 level since April suggests strong bearish condition. On the upside, a movement at least above 80.00 is needed to give another chance for the bullish reversal scenario.

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