The USDJPY made another volatile but indecisive yesterday but still able to move above 82.45 so far suggests that the intraday bias remains to the upside still testing 83.20 – 84.40. On the downside, immediate support is seen around 82.15 followed by 81.80, where some buying activities were seen. While market remains volatile without consistent momentum in short term outlook, a look at the daily chart below gives us a broader view that overall price still consolidating in a triangle formation. A bullish reversal scenario after hit 15 year low at 80.30 would be validated on a clear break above the triangle and 83.50 resistance area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.