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USDJPY Daily Forecast: April 16

USDJPY Daily Forecast: April 16
Monday, April 16th, 2018 @ 5:01 am by Setyo Wibowo

About Setyo Wibowo:

Setyo Wibowo

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own.

Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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USDJPY Forecast
The USDJPY continued its bullish momentum last week topped at 107.77 but closed lower at 107.32 and hit 107.15 earlier today in Asian session. We have a bearish pin bar printed at resistance area as you can see on my daily chart below suggests a potential bearish pullback. The bias is bearish in nearest term testing 106.60 support area. Immediate resistance is seen around 107.77. A clear break above that area would invalidate the bearish pin bar scenario targeting 108.50 resistance area. Overall I remain neutral.

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