USDJPY Daily Forecast: May 23 2016

USDJPY Daily Forecast: May 23 2016

23 May 2016, 06:10
Roberto Jacobs
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USDJPY Daily Forecast: May 23 2016

USDJPY Forecast

The USDJPY continued its bullish momentum last week topped at 110.58 but closed lower at 110.14 and hit 109.85 earlier today. The bias is neutral in nearest term probably with a little bearish bias testing the lower line of the bullish channel and 109.50 support area as you can see on my H1 chart below but as long as stay inside the bullish channel price is still in a bullish phase. On the upside, key resistance is seen around 110.65. A clear break and daily close above that area could trigger further bullish pressure testing 111.90 region this week. On the downside, a clear break and daily close below 109.50 would be a serious threat to the bullish phase targeting 108.70 – 108.00 region.


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