USD/JPY Daily Forecast

Wednesday, August 4, 2010

The USDJPY continued its bearish momentum yesterday, bottomed at 85.67 and closed hit 85.39 earlier today in Asian session. The bias is bearish in nearest term targeting 84.82 (November 2009 low). Immediate resistance at 85.96 and the minor trendline resistance (blue). Break above that area could lead us into neutral zone in nearest term but the main scenario remains bearish and I still prefer short on rallies strategy.