USD/JPY Daily Forecast

Wednesday, August 11, 2010

The USDJPY attempted to push higher yesterday, slipped above the minor trendline resistance but whipsawed to the downside and now back below the trendline resistance indicating potential further bearish pressure as we may have a false breakout scenario here. However we know that 85.30/00 region is a strong support area and need to be clearly broken before testing 84.82 and 83.35 region. Immediate resistance at 85.96 followed by 86.25 area.