USDJPY Forecast

The USDJPY was indecisive yesterday. There are no changes in my daily technical outlook where the “head and shoulders” bearish scenario remains intact but downside pressure is very limited now. I will pay attention to the neckline and 83.05 resistance area as a clear break above that area would cancel the bearish scenario testing 83.96 (the head) which could be an early phase of a new bullish scenario. On the downside, only a clear break below 82.50 would keep the bearish scenario remains strong with nearest target remains around 80.90.

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