USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. Price is still moving inside the range area as you can see on my H4 chart below suggests a consolidation phase. The bias is neutral in nearest term probably with a little bullish bias testing 123.60 key resistance which remains a good place to sell with tight stop loss. Immediate support is seen around 123.00. A clear break and daily close below that area could trigger further bearish pressure testing 122.20 key support. I still prefer a bearish scenario at this phase but a clear break and daily close above 123.60 could trigger further bullish pressure testing 124.00/50 region.
