USDJPY Daily Forecast: March 01 2016

The USDJPY failed to continue its bullish momentum yesterday bottomed at 112.65 and hit 112.15 earlier today. The bias is bearish in nearest term testing 111.65 area. A clear break and daily close below that area could trigger further bearish pressure testing 110.96 key support. Immediate resistance is seen around 113.15. A clear break and daily close above that area would keep the double bottom bullish scenario remain strong. I will stand aside for now.