USDJPY Forecast

The USDJPY made another insignificant movement on Friday. There are no changes in my technical outlook. The bias remains neutral in nearest term but as long as price stays above 77.80, the major bullish reversal scenario since the breakout above the range area after the intervention should remain intact testing 80.23, 81.46, 82.22 even 85.51. On the downside, a clear break and daily close back below 77.80 could be a threat to the bullish outlook testing 76.30 area even aiming for another new record low as we might have another intervention failure. The way I see it, limited bullish momentum and the current bearish consolidation reflects two things. A normal technical consolidation after strong bullish momentum or beside the BoJ, nobody really wants to sell the Yen.

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