USDJPY Daily Forecast: May 12 2016
The USDJPY had a bearish momentum yesterday and hit 108.22 earlier today. The bias is bearish in nearest term but as long as stay inside the bullish channel and above 107.60 as you can see on my H1 chart below, price is still in a bullish correction phase. Immediate resistance is seen around 108.80. A clear break above that area could lead price to neutral zone in nearest term testing 109.40 or higher.