FX.co ★ USD/JPY Weekly Forecast for March 7th - 11st/2011

WEEKLY FORECAST :

Last week the USD/JPY lower trendline of the triangular pattern provided a strong support , this is indicated by the fact the low reached two weeks ago cannot be broken by the pair. If we look at the charts, the 10 weeks period Simple Moving Average's slope is almost flat and moving between the candle body in the triangular pattern. It means the market of this pair is in a sideways situation, this week it looks like this pair will be moving in a narrow range. Please pay attention to the level 82.86, if this level can be broken out by the pair, the USD/JPY will be going up. On the other hand if the pair breaks out below the 81.74 level, downside movement is preferrable.