USD/JPY Forecast February 6, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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.

USD/JPY Forecast February 6, 2012, Technical Analysis

USD/JPY Forecast February 6, 2012, Technical Analysis

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