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

MONTHLY OUTLOOK :

The USD/JPY is still in a Bearish trend on Monthly charts. We can see that this pair has made a few peaks before trading in a tight range between 84.50 and 80.20. The RSI(14) located between 40 and 20 means this pair has got a strong bearish momentum in the Monthly timeframe. For this month, the pair is in a sideways situation and it looks like if the 82.50 level can be broken out, the pair will test 82.81 as the first target and 83.25 as the second target. However, on the other hand if the pair can break out and close below the 81.75 level, it will decline again to 81.58 (February 2011 Low) as the first target and 81.12 (January 2011 Low) as the second target.