USDJPY Forecast

The USDJPY had a significant bearish momentum yesterday, broke back below 77.80 and hit 77.53 earlier today in Asian session. This fact is serious threat to the bullish outlook after the intervention, turns my intraday bias to a bearish outlook retesting 76.30 area. Looks like the intervention fails again this time, but any rapid Yen appreciation could trigger another intervention. On the upside, a clear break and daily close back above 77.80 would keep the bullish reversal scenario intact.

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