FX.co ★ USD/JPY Daily Outlook for May 11st / 2011

DAILY OUTLOOK :

In the early morning the USD/JPY tried to breakout above the 3 days high level at 80.92, but the pair came back below that level; if today and tomorow closing price is still between the range 80.06-80.96 (range of the May 6th / 2011 Daily bar acting as a "Measuring Bar") it wil be the sign for this pair to enter a sideways situation . For today if the 3 days high level still canot be broken, it will cause this pair to go down to 80.51; on the other hand, if the 3 day high level at the 80.92 can be broken, it will bring the pair to the 81.25.