USDJPY -Weekly - Cautiously Bullish above 77.48

More PIA-first, 5 days ago05 December 2011 Last week's forecast was positive for sentiment with the market signalled to be supported by a bullish trend of rising lows and positive momentum levels. These signals pointed to investors' enthusiasm for the market continuing over the week and while this was confirmed, the net improvement was small and momentum levels slowed at prices above 78.00. Against this background the outlook remains the same for this week with a cautious bias and dips are forecast to again attract buying as long as prices remain above 77.48.The targets are for gains to retest the high for November at 78.56 then potentially 79.00.
Risk to this forecast would be selling back through 77.48, breaking Thursday's low and the bullish trend of dip buying. This should be a bearish signal that the improvement is stalling and sentiment is deteriorating back to last week's low at 77.29 then 77.00.