USDJPY Daily Forecast: January 20

By IBTimes Staff Reporter | January 19 2010 9:25 PM

USDJPY Forecast:

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The USDJPY attempted to push lower yesterday, bottomed at 90.32 but closed significantly higher at 91.12. It looks like we have a good support area around 90.15/30 area at this phase. The bias is bullish in nearest term but the bearish scenario can only be canceled by a movement above 91.85 area targeting 93.75 area. Expected range at 91.85 – 90.15/30 area at this phase so I think the best strategy is to long around 90.15/30 area or to short around 91.85 with tight stop loss.

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