USDJPY Daily Forecast: December 21

 @ibtimes
on December 20 2009 10:10 PM

USDJPY Forecast:

The USDJPY attempted to push lower on Friday, bottomed at 88.90 but failed to break below 88.80 key support area and whipsawed to the upside, closed significantly higher at 90.47. On h4 chart below we can see that it was a case of a false breakdown from my trendline supports (red, blue) which could trigger significant bullish momentum and keep the bullish scenario intact. I am in a buy mode but the bias is neutral in nearest term and we need consistent movement above 90.70/80 area to continue bullish towards 91.31 even 92.30 area. Immediate support at 90.10. Break below that area should lead us into no trading zone but as long as price move above the blue trendline support, I still prefer a bullish scenario.

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