forex trading outlook today - USD-JPY prediction may 24 2012 : USD/JPY is last at 79.51, bouncing from day lows at 79.21, and falling from yesterday's and weekly highs at 80.15, losing some -0.57% from previous Asia-Pacific open yesterday, and up for the week by +0.51%. The pair fell sharply yesterday after BoJ announced had not changed its monetary policy as mainly expected, leaving rates unchanged and no more stimulus measures on the near horizon at sight, which made Yen appreciate as second strongest currency behind USD on Wednesday.
on hourly chart shows indicators flat below their midlines, while price struggles around 20 and 100 SMA's, holding an overall bearish potential. In the 4 hours chart the pair is also biased lower, unless a clear recovery of the 80.10 mark, quite unlikely in current market environment,
Support levels are found at: 79.10 78.80 and 78.40,
while resistance levels at: 79.80 80.10 and 80.30.
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