USDJPY Daily Forecast: December 18
December 17, 2009 - 11:15 pm by FX Instructor · Leave a Comment
USDJPY Forecast:
The USDJPY failed to continue its bullish momentum yesterday, break below two trendline supports (blue, yellow) as you can see on my h4 chart below, but found support around 88.80 area.
The bias is neutral in nearest term since we are in critical technical point and this fact should be seen as serious threat to the bullish outlook. Consistent move below those trendlines and below 88.80 area should be seen as bullish failure at least testing 87.35 area.
Resistance is seen at 90.40/70 area. Break above that area should keep the bullish scenario intact.
Setyo Wibowo
fxinstructor.com
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