USDJPY Forecast

The USDJPY was corrected higher yesterday and now testing 82.50 resistance area as you can see on my h4 chart below. Although the “head and shoulders” bearish scenario remains intact, a clear break above 82.50 could be a serious threat to the bearish scenario testing 83.05 (neckline). A movement above the neckline would cancel the bearish scenario which would lead us to a consolidation phase even a new bullish phase with 83.92 (the head) as the nearest target.  On the downside, only a clear break below 81.61 would continue the bearish scenario targeting 80.90.

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