USDJPY Forecast

The USDJPY was corrected lower yesterday but still unable to make a clear break below 84.70 so far. The bias is neutral in nearest term. On h1 chart below we can see price is moving in a range area of 84.70 – 85.51 indicates consolidation after bullish run. The major bullish outlook remains strong. Yesterday’s bearish consolidation is absolutely normal and I believe an upside breakout from the range area is imminent to continue the upside scenario at least targeting 85.90 – 86.30/50 area. On the downside, only a clear break below 84.71 would pause the current strong bullish outlook testing 84.15 but overall the major bullish outlook should remain strong and I still prefer a bullish scenario at this phase.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.