USD/JPY Daily Forecast

Tuesday, July 20, 2010

The USDJPY slipped above 87.00 yesterday but closed lower at 86.69 and now struggling around 87.00. The bias remains neutral in nearest term but the main scenario remains bearish. Immediate resistance at 87.20 (yesterday's high). Consistent move above that area could trigger further upside pressure testing 88.00. On the downside, 85.86 area remains potential nearest bearish target before testing 84.82.