USDJPY Forecast:

As I had expected, the USDJPY continued its bearish momentum yesterday, bottomed at 86.28 and closed at 86.39. Earlier today in Asian session, the pair attempted to push lower, bottomed at 84.79 but concern about Japanese government intervention brought the pair higher around 85.95 at the time I wrote this comment. On my h4 chart below, we have a hammer candlestick formation which potentially lead to bullish reversal, or at least correction as traders may respond further to possible intervention by Japanese government to bring the Yen weaker. I think I will stand aside for now.

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