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