The USDJPY attempted to push lower on Friday, bottomed at 88.59 but whipsawed to the upside and closed at 89.79. At the same time, the bearish continuation failure followed by an important technical event as price slipper above the trendline resistance (blue). Although it’s too early for a bullish view, it’s clear that the bearish scenario is now in critical phase as bearish pressure seems to begin to lose some momentum. Consistent move above the trendline should trigger further bullish momentum targeting at least 90.40 area. However if price reject to move consistently above the trendline, the bearish scenario should remains intact. Immediate support at 89.30 followed by 88.50.
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