USD/JPY Daily Forecast

Friday, August 13, 2010

The USDJPY was bullish yesterday after rejected to move consistently below 84.82/73. The bias is bullish in nearest term testing 87.00 and the trendline resistance area but we need a clear break above 86.25 resistance area to continue the upside pressure. Note that overall we are still in major bearish outlook, but need a clear break below 84.82/73 to continue the bearish scenario testing 83.35. I will stand aside for now.