USDJPY Forecast:

The USDJPY attempted to push lower yesterday, slipped below 88.80 support area, bottomed at 88.63 but further bearish pressure was rejected as the pair closed higher at 88.93. On h4 chart below we can see that the pair has been trapped in 89.40 – 88.80/60 area this week indicating consolidation, moving no more that 100 pips so far. Both bullish and bearish power made false breakout and breakdown from the range area with no clear strong movement so far. I think the best strategy in this situation is to short around 89.40/50 or to buy around 88.80/70 area with tight stop loss.