The USDJPY continued its bullish pullback earlier today in Asian session and hit 80.68 as a bullish continuation since the rejection to move below 79.55 support area. The bias is bullish in nearest term especially if price able to make a clear break above 80.85 and the trend line resistance (white) testing 81.30 and 81.75 even higher as the bearish scenario would be in a serious threat. Immediate support at 80.29 (current low). A clear break below that area would lead us to neutral zone in nearest term but would keep the bearish scenario intact retesting 79.55 strong support area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.