USDJPY Forecast
The USDJPY continued its bullish momentum last week after BOJ’s decision to adopt a negative interest rate policy closed at 121.09. The bias is bullish in nearest term and price might attempt to revisit the trend line resistance (located around 122.25)as you can see on my H4 chart below which is a good place to sell with a tight stop loss. Immediate support is seen around 120.85. A clear break below that area could lead price to neutral zone in nearest term testing 120.00 region. Technically I still prefer a bearish scenario but need a clear break back below 120.00 to give the bearish scenario another chance.
