WEEKLY FORECAST :
The Bearish situation for this pair is still in advance, this is indicated by the price still trading below the 10 weeks Simple Moving Avarage and its slope pointing down too, the Stochastic Studies is still pointing down,and the closing weekly bar is below the previous weekly low (April 24th / 2011), all these facts confirm the USD/JPY is still in a Bearish situation. However since this pair hit the Fibonacci Support 61.8% at the 79.93, this pair found the strong support. For next whole weeks the USD/JPY will test the 79.93 level again; if this level can be broken, it will lead this pair to going down to the next Support at the Fibonacci 78.6% (78.39); On the other hand if this pair can break out above the 81.44 level it will lead this pair to takeout the previous high at the 81.71 as the first target and the Fibonacci Resistance 38.2% at the 82.06 as the second target .
