USDJPY Daily Forecast: November 04

By swibowo
03 November 2009 @ 08:41 pm EDT

USDJPY Forecast:

The USDJPY made indecisive movement yesterday, formed a Doji on daily chart. On my h4 chart below, my minor trendline resistance has been violated to the upside indicating potential upside pullback towards the bullish channel. However, since I prefer a bearish scenario as long as the pair stay below the bullish channel, this situation is a no trading zone for me. My bearish mode will be confirmed only if we have a breakdown below the minor trendline resistance. Immediate resistance at 90.50/70 area. Break above that area should trigger further bullish momentum. Initial support at 89.80 area. Break below that area should support my bearish outlook targeting 88.80 area.

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