USDJPY Forecast
The USDJPY had a bearish momentum yesterday on broad US Dollar weakness after a dovish FOMC minutes, slipped below 123.75. The bias is bearish in nearest term especially if price able to make a consistent movement below 123.75 testing 123.00. Immediate resistance is seen around 124.00. A clear break above that area could lead price to neutral zone in nearest term testing 124.50 – 125.00 area. Buying around 123.75 with a tight stop loss seems to be a good idea targeting 125.85 region. Potential daily range today is seen between 123.75 – 125.00.
