USDJPY Forecast
The USDJPY attempted to push higher yesterday topped at 124.43 but whipsawed to the downside and closed lower at 123.41. The bias is neutral in nearest term. Important daily range to be closely watched remains between 124.00 – 122.50. As you can see on my h4 chart below, we have a pennant formation suggests a consolidation phase but bullish continuation scenario is expected on a break above the pennant. Overall I still prefer a bullish scenario at this phase with a tight stop loss below 122.00 key support.
