USDJPY Daily Forecast: May 28

USDJPY Forecast
The USDJPY had a bearish momentum last week bottomed at 108.95 and closed at 109.43 as a part of the bearish correction phase after printed a bearish pin bar as you can see on my daily chart below. Price gapped higher earlier today, opened at 109.74. The bias remains bearish in nearest term retesting 108.95. Immediate resistance is seen around 109.83 (current high). A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, a clear break and daily close below 108.95 would expose 108.50 key support. My major bullish outlook remains valid, but need a clear break above 111.50 to resume the bullish trend and any consistent movement below 108.50 would invalidate the bullish outlook.