USDJPY Forecast

The USDJPY made another indecisive movement on Friday, made another Doji on daily chart. The bias is neutral in nearest term but still within a bullish intraday outlook since the bullish run started by the hammer formation on May 05 as you can see on my daily chart below. Price is now struggling around 82.00 which is the 38.2% Fibonacci retracement of 76.21 – 85.51. A clear break above 82.00 could trigger further bullish momentum testing 83.30 which would open the door for further bullish scenario testing 85.51 in longer term outlook. On the downside, the trend line support (white) remains a key support area at this phase. A clear break below the trend line support and 80.85 would be a threat to the current bullish intraday outlook.

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

.