USD/JPY Forecast October 24, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The USD/JPY pair fell during the session on Tuesday but bounced in order to form a hammer. We are just below the 80 handle, which of course is massive resistance. If we managed to break above that level, we could see a significant move higher. However, if we managed to break below the lows for the session on Tuesday, this hammer suddenly becomes a "hanging man." This of course is very bearish. Because of this we are very hesitant to place a trade at this point time, but at the end of the session on Tuesday should have a clear picture as to which direction this market wants to go.

 

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