USDJPY Forecast:

Yesterday I said that we need a consistent move below 88.80 in order to continue the bearish scenario towards 88.00. The fact is, price failed to do so and whipsawed to the upside, but I think we have another false breakout (circle) above 89.40 key resistance area which once again give us a good false breakout strategy re-testing 88.80 today before testing 88.00 area. Only a consistent move above 89.40/50 can be considered as potential bearish scenario failure and lead to further bullish momentum towards 90.50 area.

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