USDJPY Forecast

The USDJPY had a bearish momentum yesterday, bottomed at 81.97 and closed at 82.19. The bias is bearish in nearest term testing 81.80 key support area. However, a look at weekly chart reveals that actually price still makes no significant movement and no consistent momentum/direction although overall the bias is more to the downside in the last three weeks.  Not and ideal condition to have any position. A clear break below 81.80 could trigger further bearish pressure testing 81.30 – 80.90 area. Immediate resistance at 82.33. Break above that area could lead us to neutral zone in nearest term testing 82.65 (yesterday’s high).

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.