USDJPY Forecast:

The USDJPY had a moderate bearish momentum yesterday. The short term bullish momentum unable to reach 86.87 before bottomed at 85.70 and closed at 85.83. The bias remains neutral in nearest term but the main scenario remains bearish. Price is now struggling around 85.96 support area but we need a consistent move below that area to continue the bearish pressure testing 85.32. Immediate resistance at the minor trendline resistance (blue) and 86.30/45. Break above that area could trigger further upside pullback testing 86.87 before testing the major trendline resistance (white) and 87.30/50 region.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.