USDJPY Forecast:

The USDJPY had a bullish momentum on Friday, but traded lower earlier today in Asian session around 85.80 after unable to move consistently above 86.25 resistance area. On h4 chart below we can see price is now moving inside new minor bullish channel indicating potential upside correction scenario testing the trendline resistance (white) and 87.00 area but the main trend remains bearish. The bias is neutral in nearest term. Immediate support at 85.50. Break below that area could end the upside correction scenario re-testing 84.82.

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