USDJPY Forecast
The USDJPY continued its bullish momentum last week, topped at 112.87 but closed a little bit lower at 112.55. We have a bearish pin bar formation as you can see on my daily chart below, which could be a threat to the current bullish view as it is printed near 113.00 resistance area. The bias is neutral in nearest term. Immediate support is seen around 112.40 (current low). A clear break below that area could trigger further bearish pressure testing 112.00 or lower. On the upside, we need a clear break and daily close above 113.00 to invalidate the bearish pin bar scenario and resume the bullish phase targeting 113.80 – 114.00 area.

usdjpydaily

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