Technical Forecast for USD/JPY

USDJPY has sold off over night to 98.43 but we have recovered above support at 98.76/70. The outlook is quite negative with resistance at 99.15 but above here we could stretch to 99.45/50 for a selling opportunity with stops above 99.75.

 

Below 98.76/70 however keeps the market under pressure for a retest of 98.43 & if we continue lower we should test support at 98.25/20. Any longs here need stops below 4 month trend line support at 98.05.