USDJPY Daily Forecast: February 17

The USDJPY failed to continue its bullish momentum yesterday. The bias is neutral in nearest term probably with a little bearish bias. As you can see on my H4 chart below, we have 2 little Dojis after a bullish run, suggest a weakening bullish pressure or even a potential bearish reversal. Immediate support is seen around 113.60. A clear break below that area could trigger further bearish pressure testing 113.15 or lower. Immediate resistance is seen around 114.40. A clear break above that area could trigger further bullish pressure testing 115.20 – 116.00 which remains a good place to sell. Overall I remain bearish.