USDJPY Forecast
The USDJPY attempted to push lower last week bottomed at 111.62 but closed higher at 112.54 after failed to break below the trend line support as you can see on my daily chart below. The bias is neutral in nearest term but as long as the trend line support holds, the major bullish outlook should remain valid. Immediate resistance is seen around 113.00. A clear break and daily close above that area would retest 114.00/70 key resistance area this week. Immediate support is seen around 112.00. A clear break below that area would retest the trend line support and 111.60 region which is a good place to buy with a tight stop loss as a clear break below the trend line support not only would invalidate the major bullish outlook but could be the earliest stage of a bearish reversal scenario.


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