The USDJPY had a moderate bullish momentum yesterday and now testing 77.50/80 key intraday resistance area. My hourly and h4 chart suggests a bullish bias, but note that as long as price stays below 77.50/8o we are still in consolidation phase. If the current short term bullish bias continue and price able to close above 77.50/80, my intraday bias would change to a bullish view at least testing 78.50 area and potentially create a major bullish reversal scenario. Immediate support is seen around 77.00. A clear break back below that area could lead price to a neutral zone in short term and keep price in consolidation phase.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.