USDJPY Daily Forecast: May 18 2016
The USDJPY attempted to push higher yesterday topped at 109.65 but closed lower at 109.13. The bias is neutral in nearest term but as long as stay inside the bullish channel price is still in bullish correction phase. Immediate support is seen around 108.70 followed by 108.20. On the upside, we need a clear break and daily close above 109.50 area to continue the bullish correction testing 110.00 – 110.65 area. Fundamental focus will be on the FOMC Meeting Minutes.