USDJPY Daily Forecast: February 11 2016

The USDJPY continued its bearish momentum yesterday, broke below 114.20, bottomed at 113.11 and hit 112.53 earlier today. The bias is bearish in nearest term. We might have a good/strong support around 112.50 area which is November 2014 low. Buying around that area is a good idea but be sure to have a tight stop loss as a clear break and daily close below that area could trigger further bearish scenario challenging 107.65 (weekly EMA 200). Immediate resistance is seen around 113.60. A clear break above that area could lead price to neutral zone in nearest term but overall I remain strongly bearish and any upside pullback should be seen as a good opportunity to sell.