USDJPY Forecast
The USDJPY continued its bullish momentum last week topped at 122.01 but closed a little bit lower at 121.42. Overall I still prefer a bullish scenario at this phase but price is still struggling around the upper line of the minor bearish channel as you can see on my hourly chart below. The bias is neutral in nearest term. Immediate resistance is seen around 121.50. A clear break above that area could trigger further bullish pressure testing 122.00 or higher. Immediate support is seen around 121.00 – 120.80 area. A clear break below that area could trigger further bearish pressure testing 120.40 or lower.
