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USDJPY Daily Forecast: August 31

USDJPY Daily Forecast: August 31
Wednesday, August 31st, 2011 @ 5:32 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 made another insignificant movement yesterday. There are no changes in my technical outlook where price remains in consolidation phase, moving in a range market. Aggressive intraday traders may take advantage of the current range market by short around 77.50 or long around 76.21 with tight stop loss. A clear break and daily close above 77.50 could trigger further bullish correction scenario testing 78.50 but as long as price stays above 79.55 my major technical outlook remains to the downside. On the downside, 76.21 area has been providing a good/strong support in the last two weeks and price need to make a clear break and daily close below that area to continue the bearish scenario aiming for 75.00.

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