FX.co ★ USD/JPY Weekly Forecast for February 21-25/2011

WEEKLY OUTLOOK :

After testing the Fibonacci Resistance 61.8% at the 83.72 level last week, this pair started losing the upside momentum and entered the zone below the triangular downtrend. Next week the pair is expected to test again the Fibonacci Support 50% at 83.03. If the USD/JPY can break out and close below the 83.03, especially previous weekly low at the 82.98 level, it will go down or test the next Fibonacci Support 38.2% at the 82.34 level. However if next week this pair can suddenly break out and close above the previous weekly high at the 83.92 level, it will test the next Resistance at 84.50.