USDJPY Daily Forecast: March 28

USDJPY Forecast
The USDJPY was indecisive yesterday. The bias is neutral in nearest term. The descending triangle bearish formation is no longer valid. This doesn’t automatically mean that I am in a bullish mode now, but as long as stay above 105.30 price is still in a short term bullish bias after bounced-off 104.62 level as you can see on my H1 chart below. Immediate resistance is seen around 105.89 (yesterday’s high). A clear break above that area would continue the short term bullish phase testing 106.63 region. On the downside, a clear break back below 105.30 would retest 104.62 area. Overall I remain neutral.