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USDJPY Daily Forecast: July 03

Premium Market Reports by FXTechStrategy

USDJPY Daily Forecast: July 03
Friday, July 3rd, 2009 @ 12:18 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 Daily Forecast

The USDJPY had a bearish momentum yesterday. On daily chart below, we can see that the pair has been struggling around trendline area since June 23 indicating intense battle between buyers and sellers and we do not have the winner so far. I still prefer downside scenario as the long term trend is bearish. The bias is bearish in nearest term targeting 95.00. CCI just cross the -100 line up on h1 chart so watch out for potential upside pressure testing 96.70 resistance area. Break above that area should lead us into no trading zone.

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