USDJPY Forecast
The USDJPY attempted to push lower yesterday bottomed at 108.13 but closed higher at 108.90. The bias is neutral in nearest term. As you can see on my daily chart above, we have a hammer/pin bar formation after a bearish trend suggests a potential bullish pullback/reversal scenario. Overall I remain bearish, but need a clear break below 108.13 to reactivate my bearish mode targeting 107.50 or lower. Immediate resistance is seen around 109.30. A clear break above that area could trigger further bullish pullback testing 109.85 – 110.10 resistance area.

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