USD/JPY Forecast August 27, 2012, Technical Analysis

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The USD/JPY bounced on Friday as the market formed a hammer. This hammer is in the middle of quite a bit of support from 78 to the 78.75 zone, and as such this looks like a good area to start buying the Dollar from. This pair looks like it’s consolidating between 78 and 80, and as such we are more than willing to play this as a range bound currency pair. The Bank of Japan is working against the Yen overall and as such we only buying this pair currently. If we did somehow manage to break down below the 78 handle, we would be very enthusiastic about buying supportive candles as it would only be a matter time before the Bank of Japan intervened. 

USD/JPY Forecast August 27, 2012, Technical Analysis

USD/JPY Forecast August 27, 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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