USDJPY Daily Forecast: February 29 2016

The USDJPY attempted to push lower last week bottomed at 111.04 but whipsawed to the upside and closed higher at 113.97. As you can see on my daily chart below, we have a double bottom and Doji/Pin bar formation suggests a potential bullish reversal/correction. The major bearish scenario should remain valid but as long as stays above 113.15 – 112.50 the bullish intraday bias should remain strong. The bias is bullish in nearest term testing 114.50 area.