USD/JPY Daily Forecast: September 04, 2009

USDJPY Forecast:
The USDJPY was corrected higher yesterday. The 91.80 area proved to be a good support at this phase. On h1 chart below we have something interesting and a good educational material about how a candlestick pattern can be very useful. We can see that the bearish momentum was started after we saw a shooting star after some bullish momentum indicated by the bullish channel (blue channel). Later, the bearish momentum was stopped by another candlestick pattern, a hammer, before corrected higher. The bias is bullish in nearest term testing 92.93 and 93.25 area but we must see this bullish momentum only as correction as the main trend remains bearish. Immediate support remains at 91.80 area.