USDJPY Forecast

The USDJPY had another indecisive movement yesterday. Although my overall intraday bias remains to the downside and price hit another record low at 75.70, there is no consistent momentum so far. Easily seen on the daily chart, we have a good resistance/top around 76.30 in the last the three days and as long as price stays below that area, we could see another record low, probably around 75.00. On the upside, a clear break back above 76.30 could lead price back to sideways outlook but the overall technical bias remains to the downside and only a clear break and daily close above 77.80 could signal further bullish scenario.

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