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USDJPY Daily Forecast: October 13

Wednesday, October 12, 2016 20:50
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USDJPY Forecast
The USDJPY had a bullish momentum yesterday topped at 104.48 and hit 104.63 earlier today in Asian session, but traded lower back below 104.00/20 key resistance. From another technical perspective as you can see on my H1 chart below, we have a rising wedge formation, which is a bearish formation especially if price breaks below the wedge. The bias is neutral in nearest term. Immediate support is seen around 103.50. A clear break below that area could trigger further bearish pressure testing 102.75 region. Immediate resistance is seen around 104.20 followed by 104.60. Overall I remain bearish but as long as stay above 102.75 the current bullish correction bias should remain valid.

usdjpyhourly

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