USD/JPY Forecast February 6, 2012, Technical Analysis
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The USD/JPY pair rose for the Friday session as the Non-Farm Payroll numbers came out better than expected. The pair is being lifted by the Bank of Japan, and at the levels that we started the day were the start of serious support from them. The bank has intervened several times recently, so selling down there was never going to be an option.
The rise up to the 76.50 level is worth noting as it was the former support that gave way a few sessions ago. Classic technical analysis says that the support should now be resistance, and at this point it still is. However, selling form this level is reckless. Because of this, we are willing to buy, but only on a fall to lower levels. We cannot sell at all currently.
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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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