USDJPY Forecast

The USDJPY had a bullish momentum yesterday, slipped above 80.00 but fell quickly and hit 79.50 earlier today. Nearest term outlook is neutral with a little bit upside bias and we still need consistent move above 80.00 to give the bullish reversal scenario another chance. On the downside, another clear break back below 79.35 could trigger further bearish pressure testing 78.98 and give the bearish scenario another chance challenging the record low. On the upside, a clear break and daily close above 80.00 could trigger further bullish pressure testing 81.00 – 81.80 resistance area.

width=480px

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.