USDJPY Forecast

The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook and I think the best intraday strategy remains to short around 77.50 or long around 76.21/00 with tight stop loss. The major trend remains to the downside but until price makes a clear break below 76.21, price is still in consolidation phase. On the upside, a clear break and daily close above 77.50/80 could change my intraday bias to a bullish outlook testing 79.55 which could open the door for a major bullish reversal scenario.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.