The USDJPY made another indecisive movement yesterday. The bias is neutral in nearest term but the fact that 77.80 support area has been broken to the downside should give more bearish intraday bias testing 76.30 area. Personally I prefer a bullish reversal scenario after hit the record low and we might see another intervention if Yen strengthen rapidly again and need at least a clear break and daily close back above 77.80 to keep the bullish reversal scenario strong, testing 78.97 – 79.52 even higher.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.