USD/JPY Trading Forecast

23 August 2010 @ 02:06 am EDT

 

USD/JPY closed higher on Friday and high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging and are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends the decline off May's high, weekly support crossing is the next downside target.  

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