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USDJPY Daily Forecast: November 09

Premium Market Reports by FXTechStrategy

USDJPY Daily Forecast: November 09
Monday, November 9th, 2009 @ 1:31 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 had a significant bearish momentum on Friday. On h4 chart below we can see that my new trendline support (red) has been violated to the downside indicating potential bearish view with 88.80 as potential technical target. However, CCI in oversold area and heading up on h4 chart so watch out for potential upside pullback towards the trendline area (now resistance). I will be watching any reactions around this trendline today before make any decisions. Break above the trendline should be seen as bearish scenario failure and might lead us to further bullish attempt re-testing 92.50 area. Immediate resistance at 90.20/50 area.

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