FX.co ★ USD/JPY Weekly Forecast for April 18th - April 22nd / 2011

WEEKLY FORECAST :

The previous week bar closed below the opening bar and below the preivious week low (2011-04-03 candle). And the previous Candlestick formed the "Bearish Engulfing Pattern", with the Stochastic studies in the Bearish Mode.We predict this week the USD/JPY will test the 82.50 Support level, especially if this pair can break out and pass the 82.98 level, however if the mark 84.00 can be broken out by this pair this week, the USD/JPY can advance and continue the Bullish movement and the 84.88 will be the next Resistance target tested by this pair.