USDJPY Forecast:

The USDJPY made indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we can see that the pair had a false breakdown below 88.50, slipped at 88.22 before whipsawed to the upside and closed higher at 89.69. We also have a hammer formation indicating potential bullish correction testing 90.20 resistance area, but I still prefer a bearish scenario. Break above 90.20 should trigger further bullish correction and diminished my bearish outlook. Initial support at 88.22 (yesterday’s low). Break below that area should continue the bearish scenario towards 87.10 area.