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USD/JPY Analysis-June 03,2011
Written by Praful Patat   
Friday, 03 June 2011 05:11

USDJPY reversed from 61.8%(81.63) of 82.20 to 80.70, extension 80.30-79.78 area still in progress.  USDJPY is forming another triangle on 1 hour chart, break of 80.64 next target will be 80.31-80.04 area on intraday. USDJPY break of 81.02 resistance further going up side toward 81.33. USDJPY is also possible to form Head and Shoulder pattern on 1 hour chart, confirm if not break of 80.67 and going 81.33 and reverse from there toward 80.90 and rebounce.

New High:80.93, 81.23, 81.89

New Low:80.22, 79.89, 79.53