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USDJPY Daily Forecast: April 30

USDJPY Daily Forecast: April 30
Monday, April 30th, 2012 @ 6:58 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 continued its bearish momentum last week and now testing 80.23 – 79.52 support area. The bias remains bearish in nearest term but from a longer term outlook 80.23 – 79.52 remains a good place to buy with stop loss below 79.52 at least targeting 83.00 area. On the downside, a clear break and daily close below 79.52 would postpone the bullish reversal scenario and give another chance for downside pressure retesting the record low. I still prefer a bullish scenario at this phase and the reason is because the risk – reward ratio is much better.

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