FX.co ★ USD/JPY Monthly Forecast for February 2011

MONTHLY OUTLOOK :

The USD/JPY on monthly charts looks trapped in a ranging situation between 80.20 and 84.50. Even on monthly charts this pair is still in a downtrend, because The EMA 5 is still below the EMA 21 and the direction is still down; the RSI (13) still below the 40 level; all this indicates the USD/JPY in a bearish trend. So for this month (February 2011) it seems the pair is under pressure of the Bearish situation. For now the USD/JPY wants to test the previous January Low candle at 81.21. If this pair can break out and close below that level, this pair will test the next support at 80.20. But if this pair can break out and close above the 82.75 level, it seems this pair will test the previous January high candle at 83.67.