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USDJPY Daily Forecast: August 11

USDJPY Daily Forecast: August 11
Friday, August 11th, 2017 @ 2:40 am by Setyo Wibowo

About Setyo Wibowo:

Setyo Wibowo Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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USDJPY Forecast
The USDJPY had a significant bearish momentum yesterday, broke below the trend line support as you can see on my daily chart below, bottomed at 109.15 and hit 108.99 earlier today in Asian session. This fact activates my bearish mode. The bias is bearish in nearest term testing 108.15. Immediate resistance is seen around 109.50. A clear break above that area could lead price to neutral zone in nearest term and reactivate my neutral mode as we might have a potential false break situation. On the downside, a clear break and daily/weekly close below 108.15 would expose 106.70 and 105.00 region next week.


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