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USDJPY Daily Forecast: November 10

Premium Market Reports by FXTechStrategy

USDJPY Daily Forecast: November 10
Tuesday, November 10th, 2009 @ 12:47 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.

About Me My Articles

USDJPY Forecast:
My technical study worked fine yesterday. Oversold CCI I said yesterday gave us a valid upside signal testing the trendline resistance area (red), topped at 90.25 before moving lower and closed at 89.96. I think we are still in no trading zone but I still prefer a bearish scenario at this phase. As you can see on my h4 chart below, I have a new trendline support (yellow) which could be an important support at this phase especially if price break below that trendline support, confirm my bearish scenario targeting 88.80 area. Immediate resistance at 90.20/50.

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