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USDJPY Daily Forecast: October 16
Tuesday, October 16, 2012 4:01
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USDJPY Forecast
The USDJPY had a bullish momentum yesterday and hit 78.89 earlier today. The bias is bullish in nearest term testing 79.00 key intraday resistance. A clear break and daily close above that area could trigger further bullish pressure testing 80.00/50. Immediate support is seen around 78.50. A clear break below that area could lead price to neutral zone in nearest term testing 78.00. Overall I still prefer a bullish scenario due to a good risk-reward ratio near the record low at 75.56.
2012-10-16 03:45:15
Source: http://www.fxinstructor.com/blog/usdjpy-daily-forecast-october-16-2
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