USD/JPY Forecast August 3, 2012, Technical Analysis

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The USD/JPY pair fell during the session on Thursday as the “risk off” trade came back into play. This was predicated by the ECB and its lack of monetary policy after the meeting. However, this pair is still within the recent consolidative zone bordered by 78.00 and 78.50. With this being said, we think that any breakout to the upside should be bought as we could easily trade up to the 80 handle.

On the downside however, we see very little opportunity to get involved. The Bank of Japan is below, and willing to intervene if we get much lower than present areas. With this being said, this is a “buy only” pair for us, and we will only do so. Any daily close above the 78.60 level is reason enough for us to go long.

 

USD/JPY Forecast August 3, 2012, Technical Analysis

USD/JPY Forecast August 3, 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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