The USDJPY had a moderate bullish momentum yesterday. On h1 chart below we can see that price is moving above the minor trendline resistance indicating upside view but we have not seen significant bullish momentum so far. The bias is neutral in nearest term. Immediate resistance at 93.75. Break above that area could trigger further bullish momentum testing 94.70 area. Initial support at 92.44 (yesterday’s low). Break below that area and another movement below the minor trendline resistance could trigger further bearish pressure testing 92.00 – 91.71 region.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.