The USDJPY made another indecisive movement yesterday. A boring/sideways market without clear momentum and direction since May 19. There no changes in my daily technical outlook. Price still trapped in range area of 82.20 – 81.30 and need a clear break on either side to see clearer direction. A clear break above 82.20 could trigger further bullish scenario testing 83.30. On the other hand, a clear break below 81.30 could trigger further bearish pullback testing the trend line support and 80.85 support area. As long as price stays below the trend line support I still prefer a bullish intraday bias with buy on dip strategy. The plan I have in mind is to long around 81.30, targeting 83.30 with stop loss below 80.85.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.