USD/JPY Daily Forecast

Tuesday, August 10, 2010

The USDJPY attempted to push higher yesterday, but as you can see on my h4 chart below the minor trendline resistance did a good job so far. The bias remains neutral and we may have another upside pressure re-testing the minor trendline resistance but overall the major scenario remains bearish. Consistent move above the minor trendline resistance and 85.96 area could trigger further upside correction testing 86.50 - 87.00 area. On the downside, 85.32 and 84.82 remains the nearest bearish target before testing 83.35 region.