The USDJPY failed to continue its bullish momentum yesterday, bottomed at 82.08 and now seems ready to retest 81.80 support area. The bias is bearish in nearest term but overall as long as stays above 81.80/50 I still prefer to buy on dips. A clear break and daily close below 81.80/50 could postpone the bullish scenario testing 80.23 – 79.52 support area. Immediate resistance is seen around 82.50. A clear break above that area could lead price to neutral zone in nearest term testing 83.00.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.