USDJPY Forecast
The USDJPY attempted to push lower yesterday bottomed at 115.97 but closed higher at 116.93 and hit 117.47 earlier today. As you can see on my H4 chart below, we have a hammer candlestick formation formed after a rejection to move below key support 116.00 suggests a potential bullish pullback. The bias is bullish in nearest term testing 118.00 – 118.50. However, I still prefer a bearish scenario at this phase so 118.00 – 118.50 area remains a good place to sell for me. Immediate support is seen around 116.50. A clear break below that area could lead price to neutral zone in nearest term retesting 116.00 key support which need to be clearly broken to the downside to continue the bearish scenario.
