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Daily Forex Reports |
Written by Forex4you |
Monday, 06 August 2012 13:54 GMT
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The USD/JPY is trading in a sideways range and there is a strong possibility it may continue. It is currently falling within this range and there is a strong possibility that if it breaks below the 76.4% Fibonacci at 78.22 it could fall to the range lows and trend-line at around 77.90. A breach below 77.58 moreover could usher in a new bearish phase with possible sell-off to the 75s. Upside is capped by resistance at 78.72, which would have to be decisively breached for the bulls to regain control.
Written by Forex4you
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