USD/JPY Forecast August 17, 2012, Technical Analysis

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USD/JPY had another good session on Thursday as the Yen continues to weaken. Looking at the charts, we have the breakout once we rose above the 78.75 level, and if you have been watching you know that we suggested that the markets were going to make a run to the 80 handle once that happened.

Looking at the markets now, it does in fact look like the 80 will be the first major target if we can get above 80, 80.60 would be the next logical place for the market., And of course above there that we really have a lot of room to run all the way to the 84 handle. It does of this, we are very bullish of this market, and are buying it on pullbacks.

As for selling this market, we will not do it until we are at least in the 80 handle, and would only doing on very bearish candles.

 

USD/JPY Forecast August 17, 2012, Technical Analysis

USD/JPY Forecast August 17, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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