The Usdjpy had a Bullish momentum yesterday topped at 111.94 and hit 112.08 earlier today in Asian session. The bias is bullish in nearest term testing 112.85 as a part of the “hammer” formation bullish scenario as you can see on my daily chart below. Immediate support is seen around 111.70. A clear break below that area could lead price to neutral zone in nearest term but only a clear break back below 111.30 would be a serious threat to the bullish reversal scenario.
This post first appeared on FX Instructor Forex Blog - For Traders, By Traders, please read the originial post: here