By: TrendRecognition.com
USDJPY: 82.21
Very Short-Term Trend: downtrend
USDJPY Outlook:
The prices declined to as low as 81.81 but then bounced back slightly. However, this bounce was nothing else than an oversold bounce and it didn't change the hourly trend: it remains strong downtrend.
Thus, we are looking for further decline today towards the 81.60/50 support from where another bounce is likely to develop.
On the upside, a move above 82.50/60 negates the immediate bearishness and risks stronger recovery towards 83.00.
Strategy: Holding short from 83.30 is favorable. Stop=82.40. Target=81.70