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USDJPY Daily Forecast: October 25

Monday, October 24, 2016 18:33
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USDJPY Forecast
The USDJPY had a bullish momentum yesterday and hit 104.47 earlier today. The bias is bullish in nearest term. As you can see on my H1 chart below, price revisits violated trend line support, which is a good place to sell with a tight stop loss above 104.60. Immediate support is seen around 104.20. A clear break below that area could lead price to neutral zone in nearest term testing 103.50 region. Overall I remain bearish but need a clear break at least below 103.50 to potentially end the current bullish correction phase. On the upside, a clear break above 104.60 would expose 105.50 or higher.



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