forex trading outlook today - Technical Analysis USD-JPY prediction April 16, 2012 : The USD/JPY pair fell slightly for the session on Friday as the risk off attitudes hit the markets in general again. The Chinese GDP numbers came out a bit light, and as a result many traders got nervous. The pair has been selling off in a choppy manner for a few weeks now, but appears to be heading towards the 80 support level to test it.
The area was the site of a massive breakout, and we will be looking to buy as close to the 80 mark as possible. The level is also the 50% Fibonacci retracement and where the 200 day EMA is converging to at the moment. Because of this we buy any signs of support at that level. In the meantime, we simply wait for that to happen.
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