USDJPY Forecast:
As I had expected, the USDJPY continued its bearish momentum yesterday, bottomed at 87.20 and closed at 87.32. On h4 chart below we can see how a breakdown below range area at 88.80 gave us a good bearish signal. The bias is bearish in nearest term targeting 86.10 area. However CCI in oversold area and heading up on h4 chart so watch out for potential minor upside pullback testing 87.50 resistance area. Break above that area should trigger further upside correction testing 88.00 area, but long position is not recommended at this phase.
