USDJPY Daily Forecast: October 16

USDJPY Forecast

The USDJPY had a bullish momentum yesterday and hit 78.89 earlier today. The bias is bullish in nearest term testing 79.00 key intraday resistance. A clear break and daily close above that area could trigger further bullish pressure testing 80.00/50. Immediate support is seen around 78.50. A clear break below that area could lead price to neutral zone in nearest term testing 78.00. Overall I still prefer a bullish scenario due to a good risk-reward ratio near the record low at 75.56.