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USDJPY Daily Forecast: February 08

Premium Market Reports by FXTechStrategy

USDJPY Daily Forecast: February 08
Monday, February 8th, 2010 @ 3:30 am by Setyo Wibowo

About 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 was corrected higher on Friday, topped at 89.87 but closed lower at 89.37. The bias is neutral in nearest term but overall I still prefer a bearish scenario with technical target around 86.60 area this week after the trendline support (red) was violated on Thursday (Feb 04). Immediate resistance at 90.00 area. Initial support at 88.50.

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