USD/JPY forecast for the week of September 17, 2012, Technical Analysis

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The USD/JPY pair had an interesting week as we get well below the 78 handle on the quantitative easing announcement out of the Federal Reserve during the Thursday session. However, by the end of the day Friday we had a wicked turn around and formed a massive hammer on the 78 handle in this currency pair.

We suggested previously that the 78 level was could be very difficult to crack and that perhaps the Bank of Japan was getting involved. We haven’t had any official word yet, but it does appear that something stepped into the market. Because of this, on a break of the top of the candle we think we are set to go to the 79.50 level. As for selling, we still won’t do it.

 

USD/JPY forecast for the week of September 17, 2012, Technical Analysis

USD/JPY forecast for the week of September 17, 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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