The USDJPY continued its bearish momentum yesterday and hit 79.66 earlier today. The bias remains bearish in nearest term but 80.23 79.52 support area remains a good place to buy with stop loss below 79.52. A clear break and daily close back below 79.52 would postpone the bullish reversal scenario testing 78.80 area. Immediate resistance is seen around 80.23. A clear break above that area could lead price to neutral zone in nearest term but we need at least a clear break and daily close above 81.80 to end the current strong bearish correction phase.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009