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USD/JPY Shows Bullish Bias, but Bearish Correction Expected to Resume

by Daisy

USD/JPY is exhibiting a slight bullish bias after finding solid support at 154.96. However, the price is still awaiting a negative catalyst to trigger the continuation of its bearish correction, with the next key target at 153.75.

The 50-period EMA continues to apply downward pressure, reinforcing the bearish outlook. A break above 156.45, however, would invalidate the bearish scenario and could signal a return to the primary bullish trend within the established bullish channel.

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The expected trading range for today is between support at 155.00 and resistance at 156.50.

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Trend Forecast: Bearish

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