USDJPY Daily Forecast: November 07

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By swibowo | November 7, 2012 6:21 PM EST

Fx Instructor

USDJPY Forecast

The USDJPY attempted to push higher yesterday hit 80.43 but whipsawed to the downside earlier today, hit 79.80 and traded around 80.05 at the time I wrote this comment. The bias is neutral in nearest term. As long as price is unable to make a clear break above 80.50, the false breakout (short term) bearish scenario should remain valid but I still prefer a bullish scenario. On the downside, a clear break and daily close below 79.80 could trigger further bearish pressure testing 79.50/00 area.

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