USDJPY Daily Forecast: May 01

The USDJPY continued its bearish momentum yesterday and hit 79.66 earlier today. The bias remains bearish in nearest term but 80.23 – 79.52 support area remains a good place to buy with stop loss below 79.52. A clear break and daily close back below 79.52 would postpone the bullish reversal scenario testing 78.80 area. Immediate resistance is seen around 80.23. A clear break above that area could lead price to neutral zone in nearest term but we need at least a clear break and daily close above 81.80 to end the current strong bearish correction phase.

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