USD/JPY

[sofia]

For the USD/JPY, we now have a pretty reasonable argument for basing action in place, after the two recent hammer reversal formations; though we need to see good follow through above 90.40 to get confirmation. Back below the recent lows and we're back to the old bear trend. Again, interest rates are in important coincident indicator, especially for the higher beta crosses like AUD/JPY, which is guaranteed to be a big mover tonight in market.

[pallavi]

The Dollar regained some of its losses from the previous three sessions on Wednesday, only to relapse again late in the session to a 13 month low. The initial jump for the Greenback was spurred on by analyst speculation that the decline of the Dollar was overdone in recent weeks and that the real value was higher than what was being portrayed. However, as the session rolled on it became apparent that investors were not buying into this theory and that the mild rebound must have been profit taking.

[RedStripe]

buy buy buy

[pallavi]

yea... buying at this point is a good idea.

[sofia]

Thanks all for your response. Hmm.... i saw the USDJPY had a significant bullish momentum yesterday. I still on the bearish side since my focus is more at the major trendline resistance which remains hold and false breakout strategy looks good for me right now especially if we have another break below the trendline support with 88.80 area remains potential downside target.