USD/JPY Daily Forecast

Thursday, August 12, 2010

The USDJPY attempted to push lower yesterday, bottomed at 84.73 but closed higher at 85.32. The bias is neutral in nearest term but still within a strong bearish context. Another move below 84.82/73 region could continue the bearish pressure testing 83.35 area. Immediate resistance at 85.50 and the minor trendline resistance (blue). Break above that area could trigger further upside pullback testing 86.25 but I still prefer short on rallies strategy at this phase.