The USDJPY made another insignificant movement yesterday. Weekly bias remains more to the downside since the bearish momentum on Monday but overall there are no changes in my technical outlook as price still trapped in range area of 150 pips up and down between 77.80 – 76.21 for more than two months now. Aggressive intraday traders can still take advantage from current sideways condition by short around 77.80 or long around 76.21 with tight stop loss. I still see a good reason for a long term buy position.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.