USDJPY Daily Forecast: July 08

By IBTimes Staff Reporter | July 07 2010 9:57 PM

USDJPY Forecast:

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The USDJPY slipped below the descending triangle yesterday, but further bearish pressure was rejected after found support around 87.00 area and whipsawed to the upside, made a strong break above the triangle. Although the major scenario remains bearish, this downside rejection and descending triangle bearish scenario failure could trigger further upside pullback testing 88.23 area. Break above that area could trigger further bullish momentum towards 89.00. On the downside, I think we need a clear break below 87.00 area to continue the major bearish scenario testing 85.86.

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