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USD-JPY on a Short Downtrend

By DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.

Very Short-Term Trend: Downtrend. 


Outlook:  Yesterday it looked like the market was ready to turn higher, but that did not happen. Instead the prices plunged through the 82.30 support and the downside pressure intensified again. We can anticipate a further downtrend, especially considerng the fact that the daily chart is not yet oversold, i.e. a decline toward the psychologically important 80.00 level can't be ruled out.
Only a move above 82.30 negates, signals some kind of a low is in place, but a move 83.10 chart resistance is improbably at this point.

Strategy:  Stand aside. 
 

DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.

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