Written by Bahagian Pentadbiran in
| USD/JPY Daily Forecast
Fri,April 22, 2011 | Dear Fellow Trader,
Setyo here with the latest daily forex update from the FX Instructor Forex Blog.
If you have any questions about today's update - please reply to this email and I will be happy to help. | | The USDJPY was able to maintain its bearish intraday bias yesterday and now traded below 82.00 which is the 38.2% Fibonacci retracement of 76.21 to 85.51 as you can see on my daily chart below. The bias remains bearish in nearest term testing 80.85 (50% Fibo). CCI in negative territory suggests downside pressure. However, note that a strong Yen appreciation could create speculation about another potential intervention to weaken the Yen. Immediate resistance at 82.00. A clear break above that area could lead us to neutral zone in nearest term testing 82.50 - 83.00. Today some markets are closed on Good Friday. Please click here to see how I applied my technical studies to this pair on the daily chart a few minutes ago. |
| I hope you enjoyed today's forex update! If you have any questions or suggestions, reply to this email - or visit me at the FX Instructor Blog. Happy Trading! | | | Analyst Profile Living in East Java, Indonesia and holding an International Relations degree, Setyo Wibowo began his forex trading career in 2000 as a market analyst, while learning to trade forex independently on his own. to learn more about Setyo Wibowo. |
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