USDJPY Forecast

The USDJPY was volatile but indecisive yesterday made a Doji on daily chart. The bias is neutral in nearest term. On hourly chart below we can see price is moving in a descending triangle formation suggests a bearish outlook especially price able to make a clear break below 80.85 /55 support area which has been a strong support this week testing 80.16 and 79.55. Immediate resistance at 81.30. A clear break above that area would cancel the descending triangle bearish scenario testing 81.75 and 82.00 resistance area.

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