USDJPY Daily Forecast: November 16

on November 15 2009 7:54 PM

USDJPY Forecast:

My false breakout strategy worked perfectly on Friday, as USDJPY had a nice bearish momentum, bottomed at 89.45 and closed at 89.64. The bias is bearish in nearest term with 88.80 as nearest technical target, but we need a valid break below 89.40 support area. As you can see in my h4 chart below, that support area is a potential obstacle to the bearish pressure, just like what happened on November 11 (red circle)  when price retreat significantly to the upside after made a false breakdown from that area. Immediate resistance at 90.00/20 area. Break above that area should be seen as bearish failure and lead us into no trading zone as direction would become unclear for me.

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