USD/JPY Forecast for the week of August 13, 2012, Technical Analysis

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The USD/JPY pair fell for the week again, and for the first time in three weeks – it didn’t form a hammer. However, it did manage to form a higher low. So now we have to ask whether or not we are seeing a bit of a bid come back into the markets for this pair. At the moment, it is probably far too early to tell. However, I can plainly see that the 78 handle is supportive, and as such I am willing to go long at this point. The Bank of Japan should be a bit of a backstop at this point in time as it is working against the value of the Yen. 

USD/JPY Forecast for the week of August 13, 2012, Technical Analysis

USD/JPY Forecast for the week of August 13, 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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