USDJPY Daily Forecast: December 07

By IBTimes Staff Reporter | December 06 2009 9:53 PM

USDJPY Forecast:

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As I had expected, the USDJPY continued its bullish momentum on Friday, topped at 90.76 and closed at 90.52. On h4 chart below we can see that the trendline resistance (red, now support) has been violated to the upside indicating bearish failure and potential bullish scenario at least targeting 91.30 before aim for 92.32 area. Immediate support at 89.50. Break below that area should lead us into no trading zone in nearest term but overall I still prefer a bullish scenario and short position is not recommended at this phase.

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