USDJPY Forecast:

The USDJPY failed to continued it’s bearish momentum yesterday, closed higher at 91.50. I think we are in no trading zone now. On h4 chart below we can see that after had significant bearish momentum from 97.77 and hit the low around 90.20 area the pair has been moving in range area between 92.50 – 90.20 indicating consolidation phase. In this kind of market, I have 2 trading scenarios. First is the range trading, which is to sell around 92.50 and to buy around 90.20 with tight stop loss. Second is  trading breakout, which is to buy above 92.50 or to sell below 90.20. Immediate resistance at 91.80. Break above that area should trigger further bullish momentum re-testing the 92.50. I still prefer a downside scenario since the major trend remains bearish.