The USDJPY bearish momentum was stopped yesterday but we have no significant movement so far with low volatility. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 78.27/50 area. Immediate resistance remains 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 near to the record low might give a good buying opportunity.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.