USD/JPY Forecast October 18, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
Font Size
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The USD/JPY pair rose again during the session on Wednesday as the market approaches the 79 handle. It is at this level that we certainly run into serious resistance, so quite frankly we are looking for sell signals.

Looking forward, we think eventually this market goes higher, but there is nothing right now that suggests that it should. We need to get above the 80 handle in order to be significantly bullish of this pair, and as such think that we are simply looking to bounce around between 79.50 and 77.50 or so. It isn't until we break out is level that we look at anything more than a ultra short-term trade. If we get some type of resistant candle just above, we are more than willing to start selling as we figure it's probably going to be good for about 100 pips.


Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network