USDJPY Forecast:

The USDJPY failed to continued it’s bullish correction yesterday. On h4 chart below we can see that the bullish channel has been violated to the downside and price traded below 91.80 indicating that the bullish correction is now over and the pair is ready to continue it’s major bearish scenario. The bias is bearish in nearest term but watch out for a good support around key support level 90.20/10 area. Break below that area should trigger further bearish momentum targeting 89.60 area. Immediate resistance at 91.25. Break above that area should lead us into no trading zone but the outlook remains bearish and long position is not recommended.