USD/JPY Forecast September 17, 2012, Technical Analysis

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The USD/JPY pair rose like a rocket during the Friday session as the market cleared the 78 handle without much resistance. This is interesting as it should have been very resistive been that it was so supportive before. This suggests to us that perhaps there is something behind this working under the radar. The first thing that comes to mind of course is the Bank of Japan as they have clandestinely worked in this pair previously. We think based upon the scandal a move higher from this point in time has this market looking for the 79.50 level in short order. As for selling, it’s obvious you can’t.

 

USD/JPY Forecast September 17, 2012, Technical Analysis

USD/JPY Forecast 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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