FX.co ★ USD/JPY We expect a close above 82.00, November 10, 2010

There is finally some evidence of a potential base with the market carving out a short-term double bottom on Wednesday. The break back above 82.00 neckline resistance triggers the formation and potentially exposes gains towards 84.00 over the coming sessions. However, the break of 82.00 is not enough in our opinion and we will need to see a close above the figure to really encourage reversal prospects. Inability to close above 82.00 will keep the pressure on the downside. We expect a daily close above 82.00