USDJPY Forecast
The USDJPY attempted to push higher yesterday topped at 110.84 but whipsawed to the downside and closed lower at 110.33 and hit 110.08 earlier today in Asian session. Overall price is still in a bullish phase from 108.10, but we have a bearish pin bar printed on the daily chart which is a serious threat to the bullish phase. The bias is neutral in nearest term. Immediate support is seen around 110.00. A clear break below that area would give further confirmation to the bearish pin bar scenario testing 109.50 or lower. Immediate resistance is seen around 110.50. A clear break above that area could trigger further bullish pressure retesting 110.84 which need to be clearly broken to the upside to resume the bullish phase testing 111.50 – 112.00 area.

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