USDJPY Forecast:

The USDJPY made significant bullish momentum yesterday, topped at 92.53 but closed a little bit lower at 91.98. On h4 chart below we can see that the trendline resistance (red) has been broken to the upside and now traded above 91.80 area suggesting potential upside outlook. However, I think the situation can be tricky at this phase. The pair is now testing the lower line of the bullish channel. As long as the bullish channel valid, expect further bullish correction scenario towards 93.00 area. CCI in overbought area and heading down on h4 chart suggesting potential downside pressure testing the lower line of the bullish channel. A violation to the bullish channel and a pullback below 91.80 area should diminished the bullish correction outlook and could lead us back into 90.70 area.