USDJPY Daily Forecast: May 04

USDJPY Forecast
The USDJPY had a bearish momentum yesterday, fell back below the daily EMA 200 as you can see on my daily chart below. Although I still prefer a bullish scenario at this phase, this fact could create a false breakout bearish scenario and we need a clear break above the EMA 200 to resume the bullish phase targeting 110.50 or higher. The bias is bearish in nearest term testing 108.50. Immediate resistance is seen around 109.50. A clear break and daily/weekly close above that area would confirm the bullish continuation scenario and reactivate my bullish mode.