The USDJPY was unable to maintain its bearish intraday momentum yesterday, topped at 77.23 and closed at 77.16. The bias is neutral in nearest term. Overall there are no changes in my technical outlook and I still prefer to have a long term perspective, seeing area above 75.56 as a buy zone expecting a bullish reversal scenario with a tight stop loss below 75.56. Immediate support is seen around 77.00. A clear break back below that area could keep the bearish intraday bias intact testing 76.60/50 region. On the upside, a clear break and daily close above 77.50 could trigger further bullish pressure testing 78.00/50 resistance area.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.