USDJPY Forecast

The USDJPY was indecisive yesterday. Price attempted to push lower, bottomed at 76.54 but closed higher at 76.81. There are no changes in my technical outlook. The USDJPY probably is the most boring pair in the last six months. It might be a good situation for intraday scalpers but surely not for trend following traders. The bias remains neutral in nearest term with a little bit bearish intraday bias but overall price is still in a long period of consolidation, moving sideways since six months ago. 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.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.