The USDJPY didn’t make significant movement yesterday but overall still maintain its bullish intraday bias. There are no changes in my daily technical outlook. Price has been moving in a sideways condition, move up and down between 82.20 – 81.30 since May 19 without clear momentum and direction. For me the best place for a long position is around the trend line support area and 80.85 as in the absence of clear momentum like this, a proper risk – reward ratio plays very important role. On the upside, a clear break above 82.20 could trigger further bullish momentum still targeting 83.30. On the downside, clear break below the trend line support and 80.85 could be a threat to my intraday bullish outlook.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.