USDJPY Forecast

The USDJPY continued its bearish intraday momentum yesterday, moved back below the minor range after the false breakout above the minor range and hit 76.16 earlier today. The bias remains bearish in nearest term testing the record low 75.56 but overall I still prefer to have a long term perspective seeing area above record low 75.56 as a buy zone expecting huge bullish reversal scenario. Although short term bias is bearish note that price is still in a long period of consolidation since six/seven months ago with low volatility.

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