The USDJPY made another indecisive movement yesterday. The bias is neutral in nearest term. On h4 chart below we can see price is now testing the lower line of the minor bullish channel. A clear break below the bullish channel and 81.61 support area would change the intraday bias to bearish and continue the “head and shoulders’ bearish scenario targeting 80.90 support area. Immediate resistance remains around 82.50. A clear break above that area would continue the bullish correction testing 83.05 which could be a threat to the “head and shoulders” bearish scenario.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.