USDJPY Forecast
The USDJPY continued its bullish momentum yesterday topped at 121.70 and now struggling around 121.50 area. The bias is bullish in nearest term but I am not yet convinced that this is a valid breakout from the range area. Also, we have a CCI bearish divergence as you can see on my H4 chart below which suggests a potential bearish pullback. Immediate support is seen around 121.30. A clear break below that area could lead price to neutral zone in nearest term but would give further confirmation to a false breakout bearish scenario testing 120.80/50 region. My major technical outlook remains neutral.
