USD/JPY Forecast October 12, 2012, Technical Analysis

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The USD/JPY pair fell during most of the session on Thursday but found quite a bit of buying at the 78 handle. The candle that has formed that looks much like a hammer, which of course is following the shooting star. This suggests to us that the 78.25 level will continue to attract a lot of interest on both sides of the market, and as such we probably won’t go very far. With that in mind, we aren’t particularly overly excited to go long or short this pair as we are currently in the middle of the most prominent consolidating rectangle.


USD/JPY Forecast October 12, 2012, Technical Analysis

USD/JPY Forecast October 12, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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