USD/JPY Forecast July 12, 2012, Technical Analysis

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The USD/JPY pair initially fell during the Wednesday session, but got a boost after the Federal Reserve minutes revealed that there were no serious discussions about quantitative easing. As this could be the case, it makes sense that this pair would rise as the Bank of Japan has been working against the Yen so aggressively. However, we see that the 80 handle continues to be resistive on the upside, and we continue to wait until we see a daily close above the 80.60 level in order to buy. On the downside, we simply won’t get involved because of the Bank of Japan and the possibility of intervention, or at least jawboning the value the Yen back down. However, if we get down to the 78 handle we would be willing to buy supportive candles down there.

USD/JPY Forecast July 12, 2012, Technical Analysis

USD/JPY Forecast July 12, 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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