USDJPY Daily Forecast: March 16

USDJPY Forecast
The USDJPY was indecisive yesterday. Price attempted to push lower bottomed at 105.77 but closed higher at 106.32. The bias is neutral in nearest term. Key support remains at 105.50. A clear break below that area would expose 104.25 region. Immediate resistance is seen around 106.40. A clear break above that area could trigger further bullish pressure but in order to keep the descending triangle bearish scenario intact, price cannot be higher than 107.00. Overall I remain neutral.

Descending triangle: Forex trading basic