USDJPY Daily Forecast: January 06

By IBTimes Staff Reporter | January 05 2010 9:35 PM

USDJPY Forecast:

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The USDJPY continued its bearish correction yesterday. On daily chart below we can see that bullish momentum was rejected after touched the trendline resistance, and price slipped below the bullish channel indicating potential threat to the bullish outlook. The bias is neutral in nearest term. The bullish outlook is interrupted, but bearish scenario has not confirmed either, not until we have a movement below 90.15 area. Any movement back inside the bullish channel should be seen as a false breakdown which could trigger significant bullish momentum, keep the bullish scenario targeting 94.00 – 94.50 intact.

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