MONTHLY OUTLOOK :
In monthly charts the USD/JPY is still trading in a downtrend channell, however last month the pair had a strong momentum to break out the support level 80.20 BUT in a short time it came back to the ranged zone at 80.20 - 84.50. Anyway, the pair made a reversal candle pattern in monthly charts last month and this situation mae a Stochastic Indicator form a divergence with candlestick charts (green lines), so we predict this pair to test the Resistance level 84.50 this month; if this level is broken, there's a chance that the USD/JPY will test the next Resistance at 85.68 (Fibonacci Resistance 50%). On the other hand, if the pair is back to the downside, especially if 83.15 can be broken, the USD/JPY will go down to the 81.82 level again.
Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2011
http://instaforex.com/forex_analysis/25939/?x=OUE
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