THE DAILY OUTLOOK :
With the price trading below the 5 days, 20 days, and the 60 days periode Simple Moving Avarage, we have no doubt that this pair is now in the Bearish situation, today there is a possibility for this pair to test their Support at the 79.94, if the pair can break that level, it will cause the USD/JPY to go down again to the 79.59 level. But if we look at the Stochastic studies, it indicates this pair will have some reversal to the upside; if this happens, today the pair will test the yesterday's high level at the 80.87 as the next target Resistance. Anyway, please pay attention for the range from the candle May 6th / 2011. If for the next couple of days all the closing candles are still between this range, it will be a sign for this pair to enter a sideways situation.
