USDJPY Daily Forecast: October 01

By IBTimes Staff Reporter | September 30 2009 3:46 PM

USDJPY Forecast:

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The USDJPY was losing it’s bullish momentum yesterday, bottomed at 89.34 and closed at 89.71. On h4 chart below we can see that the trendline area (blue) has been a good resistance area prevents further bullish pressure triggered by the hammer. Since overall the major trend remains bearish, I am thinking of place a short position if I see rejection to move above the trendline area with a tight stop loss if the price break above the trendline because bullish correction might not over yet. Break above the trendline should trigger further bullish correction testing 91.40 area. Immediate support at 89.34. Break below that area could trigger further bearish momentum testing 88.22 area.

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