The USDJPY continued its bearish intraday momentum on Friday after broke back below 77.80 support area, bottomed at 77.04 and closed at 77.11. The bias remains bearish in nearest term testing 76.30 support area and record low 75.56, even aiming for a new record low. However note that another strong/rapid Yen appreciation could trigger another intervention. On the upside, we need a clear break and daily close back above 77.80 to stop the current strong bearish outlook.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.