USDJPY Daily Forecast: May 16 2016
The USDJPY had a bullish momentum last week topped at 109.55 but closed lower at 108.61. The bias is bullish in nearest term retesting 109.55. A clear break and daily close above that area could trigger further bullish pressure testing 110.00 – 110.65. Immediate support is seen around 108.20 and the lower line of the bullish channel as you can see on my H1 chart below. A clear break and daily close below the bullish channel would be a threat to the bullish correction phase.