USD/JPY Daily Forecast

Monday, July 26, 2010

The USDJPY had a significant bullish pullback on Friday, break above the minor bearish channel indicating potential further upside pullback in nearest term testing 88.23. Consistent move above that area could trigger further upside recovery testing 89.10. On the downside, immediate support at 87.00. Break below that area could trigger further bearish pressure testing 85.86 area. Overall we are still in major bearish scenario.