FX.co ★ USD/JPY Weekly Forecast for April 4th - 8th/2011

WEEKLY FORECAST :

Last week the USD/JPY succeded to break out the upper Resistance trendlines of the triangular pattern; after breaking these lines the pair tested the 84.50 level to come back to the 84.08 level. Next week the pair lis likely to test again the 84.50 level. If this level can be broken the USD/JPY will test the next Resistance at the 85.92 level. Although the Stochastic studies indicates the same way (red:up), we should be caferul. If the pair breaks out and closes below 84.00, the upside momentum of the USD/JPY will be held and this situation can lead this pair to going down again to the 83.50 level.