USDJPY Forecast

The USDJPY had a significant bearish momentum yesterday, broke below 81.30 and now testing the trend line support as you can see on my daily chart below. The bias is bearish in nearest term but I still prefer a long position as now is the best place with the best risk – reward ratio. Bullish target remains around 83.30 with stop loss below 80.85/45. A clear break below 80.85/45 would be a threat to the bullish outlook which started from May 05, where a hammer candle stick formation was formed testing 80.16 and 79.55 support area.

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

.