USDJPY Forecast

The USDJPY attempted to push higher yesterday, slipped above the trend line resistance but we don’t see good momentum and direction so far and price still struggling around the trend line resistance. Beside strong support at 79.55, we have a minor support around 80.00 (red circle) which has been touched four times since June 17.  I will keep stand aside for now. Unless you are a long term trader, I don’t see a good trade opportunity until we have a convincing movement below 79.55 or above 82.20. Aggressive intraday traders may take the advantage of the current sideways movement by long around 80.00 – 79.55 or short around 82.20 with tight stop loss.

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

.