USD/JPY - daily technical Forecast

By IBTimes Staff Reporter | February 15 2010 9:05 AM

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USD/JPY closed higher on Friday as it extended last week's rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. Closes above last Wednesday's high crossing are needed to confirm that a short-term bottom has been posted. If it renews the decline off January's high, the 62% retracement level of the November-January rally crossing is the next downside target.

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