USDJPY Daily Forecast: May 11

USDJPY Forecast
The USDJPY failed to resume its bullish momentum yesterday after another failure to break above 110.05 resistance area as you can see on my daily chart below. The bias is neutral in nearest term and we need a clear break from the range area to see clearer direction. Overall I still prefer a bullish scenario but need a clear break above 110.05 to continue the bullish phase testing 110.50 or higher. On the downside, key support remains around 108.50. A clear break below that area could trigger further bearish pressure testing 107.50 – 106.60 region.