USDJPY Forecast:

The USDJPY didn’t make significant movement yesterday. Although I still prefer a bearish scenario, it’s clear that the bearish pressure seems to start losing some momentum. In consolidation phase after significant bearish, losing some bearish momentum is surely normal. On h4 chart below we can see that although price failed to move consistently above the trendline, now is the third attempt to break above the trendline. Will it succeed? I hope not, but if it succeed we may once again enter a bullish correction phase. So far, I have no technical signal for a reversal, so any upside momentum should be seen as correction. I will stay away from the market for now. Immediate resistance at 89.15. Break above that area could trigger further bullish correction. Initial support at 88.22. Break below that area should continue the bearish pressure testing 87.10.