USDJPY Forecast

The USDJPY made another insignificant movement yesterday, still moving sideways inside the rectangle area as you can see on my daily chart below. My hourly chart/short term technical bias shows a bullish bias but overall there are no changes in my technical outlook where price remains in consolidation phase, moving in a range market. Aggressive intraday traders can still take advantage of the current range market by short around 77.50 or long around 76.21 with tight stop loss. A clear break and daily close above 77.50 could trigger further bullish correction scenario testing 78.50 but as long as price stays above 79.55 my major technical outlook remains to the downside. On the downside, 76.21 area has been providing a good/strong support in the last two weeks and price need to make a clear break and daily close below that area to continue the bearish scenario aiming for 75.00.

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