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USDJPY Daily Forecast: November 26

Premium Market Reports by FXTechStrategy

USDJPY Daily Forecast: November 26
Thursday, November 26th, 2009 @ 12:59 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:
As I had expected, the USDJPY continued its bearish momentum yesterday, bottomed at 87.20 and closed at 87.32. On h4 chart below we can see how a breakdown below range area at 88.80 gave us a good bearish signal. The bias is bearish in nearest term targeting 86.10 area. However CCI in oversold area and heading up on h4 chart so watch out for potential minor upside pullback testing 87.50 resistance area. Break above that area should trigger further upside correction testing 88.00 area, but long position is not recommended at this phase.

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