USD/JPY forecast for the week of October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The USD/JPY pair shot straight up for most of the week as we continue to bounce around in the consolidation area that has restricted trading in this pair for quite some time. Although the candle does look strong, we are still underneath the vital 80 handle, and as such we aren't ready to start playing in this market yet.

However, we do see a daily close above 80, and even more importantly the 80.50 level, as a sign to start buying this pair. As for selling, we simply will not do it because the Bank of Japan is so active in working against the value of the Yen.

 

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