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USDJPY Daily Forecast: March 16

USDJPY Daily Forecast: March 16
Wednesday, March 16th, 2011 @ 5:46 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 a significant bearish momentum yesterday, broke below the triangle formation as you can see on my daily chart below. This fact confirms the bearish scenario retesting 15-year low at 80.30. Immediate resistance at 81.20. A clear break above that area would lead us to neutral zone in nearest term testing 82.00 but I think the overall technical bias should remain to the downside. As a 15-year low level, 80.30 could be a strong support at this phase so we must pay attention to that support level.

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