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USDJPY Daily Forecast: March 22

Tuesday, March 21, 2017 19:49
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USDJPY Forecast
The USDJPY had a bearish momentum yesterday bottomed at 111.51 and hit 111.42 earlier today in Asia session. The bias remains bearish in nearest term but note that 111.50/30 region is a key support and good place to buy with a tight stop loss. Buying around that area gives us a better price and risk/reward ratio. Immediate resistance is seen around 112.30/50. A clear break above that area could lead price to neutral zone in nearest term testing 113.00 area or higher. On the downside, a clear break and daily close below 111.30 would reactivate my bearish mode as a part of the double top bearish scenario (118.60) as you can see on my H4 chart below.



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