USDJPY Forecast

The USDJPY attempted to push higher on Friday, topped at 83.04 (neckline) but whipsawed to the downside, closed at 82.30 and hit 82.14 earlier today in Asian session. This fact keeps the “head and shoulders” bearish scenario intact especially if price able to make a clear break below 82.20 retesting 81.60 strong support area which would reopen the door for further bearish pressure targeting 80.90. On the upside, only a clear break above the neckline would cancel the “head and shoulders” bearish scenario at least targeting 83.92 (the head).

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