USDJPY Forecast

The USDJPY continued its bullish correction bias yesterday, topped at 78.95 and closed at 78.73. The bias is bullish in nearest term testing 79.00/15 but note that we still need a clear break and daily close at least above 80.00 to give another chance for the major bullish reversal scenario. While price is still in a bearish phase, any movement closer to the record low could create a buy opportunity. Immediate support is seen around 78.45. A clear break below that area could lead price to neutral zone in nearest term testing 78.00 even retesting 77.65.

width=480px

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

.