USDJPY Daily Forecast: February 03

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USDJPY Forecast:

My technical study yesterday didn’t work for this pair, so I change my technical view. The pair has been moving higher since bottomed at 84.82 on November 27 2009, which is from long term point of view, should be seen as correction move after price failed to break above the major trendline resistance (blue). This bullish correction should remains intact as long as the trendline support (red) hold. The trendline support area technically is a good place for a long position with a stop loss below the trendline support. So we have a battle between the trendline resistance and trendline support at this phase. Break on either side will determine whether we will continue the bearish scenario or a bullish reversal scenario. Immediate support at 89.50. Initial resistance at 90.90 area. Break above that area should trigger further bullish momentum targeting 91.85.

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