USDJPY Forecast
The USDJPY had a bullish momentum yesterday and hit 121.89 earlier today. The bias is bullish in nearest term testing 122.20 area which is a good place to sell targeting 120.50 – 119.50 with a tight stop loss. Immediate support is seen around 121.35. A clear break below that area could lead price to neutral zone in nearest term testing 120.80/50 region. On the upside, a clear break and daily close above 122.20 would activate my “wait and see” mode as direction would become unclear with a bullish intraday bias challenging 123.60 key resistance. Fundamental focus will be on the FOMC interest rate decision on Wednesday/Thursday where the Fed is widely expected to raise interest rate for the first time since 2006.
