USDJPY Daily Forecast: February 25 2016

The USDJPY attempted to push lower yesterday bottomed at 111.04 but whipsawed to the upside and closed at 112.16, formed a Doji/Pin bar on daily chart as you can see on my daily chart below. We have a double bottom formation suggests a potential bullish reversal/correction. It is too early to say that the bearish phase is over, but we need a clear break below 110.96 to continue the bearish scenario testing 108.00 – 107.00 area. The bias is bullish in nearest term testing 113.00/15 area. A clear break and daily close above that area could trigger further bullish pullback testing 114.00 – 115.00 area.