The USDJPY didn’t make significant movement yesterday but overall still able to maintain its short term bullish bias since the failure to break below 80.23 support area. The bias remains bullish in nearest term testing 81.80. A clear break and daily close above that area could end the bearish correction phase and continue the major bullish reversal scenario at least testing 83.00 region. Immediate support is seen around 81.00 – 80.80. A clear break below that area could lead price to neutral zone in nearest term retesting 80.23 – 79.52 support area, which remains a good place to buy with a stop loss below 79.52.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.