USDJPY Daily Forecast: May 07

USDJPY Forecast
The USDJPY attempted to push higher last week, slipped above the daily EMA 200 but closed lower back below the EMA 200 as you can see on my daily chart below. Overall I still prefer a bullish scenario, but need a consistent movement above the EMA 200 (109.50) to resume the bullish run and reactivate my bullish mode. The bias is neutral in nearest term. Immediate resistance is seen around 109.50. A clear break above that area could trigger further bullish pressure retesting 110.05. Immediate support is seen around 108.66. A clear break below that area could trigger further bearish pressure testing 108.00 or lower.