The USDJPY continued its bearish momentum on Friday, bottomed at 78.98 but corrected a little bit higher hit 79.21 earlier today. The bias remains bearish in nearest term testing 78.27/50 area. Immediate resistance is seen around 79.52. A clear break above that area could lead price to neutral zone in nearest term but we need a clear break and daily close at least back above 80.00 to give the bullish reversal outlook another chance with a false breakdown scenario. The current bearish outlook may lead price to retest the record low at 75.56 but any movement close to the record low might give a good buying opportunity.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.