USDJPY Daily Forecast: January 08

USDJPY Forecast
The USDJPY was indecisive last week. Price attempted to push lower, bottomed at 112.05 but closed higher at 113.05. The bias is neutral in nearest term. The violated trend line support remains a good place to sell at this phase. In fact, 113.00 – 113.75 region should be considered as a “sell zone” with a tight stop loss above 113.75. Immediate support is seen around 112.85. A clear break below that area could trigger further bearish pressure testing 112.50 and 112.00 key support. On the upside, a clear break above 113.75 would retest 114.50 key resistance. Overall I remain neutral.