USD/JPY Forecast September 3, 2012, Technical Analysis
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The USD/JPY pair fell during the session on Friday, but bounced about 20 pips in order to form a hammer shaped candle. We are still within the supportive zone from 78 to the 78.75 level, and as such we are still buying this pair on supportive action. We certainly won’t sell it, as the Bank of Japan has been working against the value of the Yen for quite some time now, and as such we think that eventually we will rise to the 80 handle. If you are patient enough, this is a good trade waiting to happen, but it does more than likely weren’t many days of choppiness as this pair won’t be a clear shot in either direction.
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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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