USDJPY Daily Forecast: May 30

USDJPY Forecast
The USDJPY continued its bearish momentum yesterday, slipped below 108.50 key support and now struggling around the support area as you can see on my daily chart below. The bias remains bearish in nearest term. It is reasonable to buy around 108.50 due to a good risk/reward ratio with a tight stop loss below 108.10 targeting at least 100 or 150 pips. On the downside, a clear break and daily close below 108.10 would expose 107.50/00 or lower. Immediate resistance is seen around 108.85. A clear break above that area could lead price to neutral zone in nearest term but only a clear break above 110.00 region would interrupt the overall bearish short-term bias since the appearance of the bearish pin bar last week.