USD/JPY Forecast August 31, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
Font Size
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The USD/JPY pair fell during the session on Thursday, but bounce slightly to form a hammer just above the 78.50 level. The pair is currently sitting on the upper end of a large support area from 78 to 78.75, and as such we are in a "buy only" mode. The Bank of Japan has been working against the value of the Yen, and as such we think the 78 level looks to be a bit of a "floor" in this currency pair.

We believe that buying this pair is the only way to go, as we do not want to fight a central bank. We do think that the In this market is to be found at the 80 level, and as such this is a short-term trade, not a long-term one.


USD/JPY Forecast August 31, 2012, Technical Analysis

USD/JPY Forecast August 31, 2012, Technical Analysis

Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network