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USD/JPY Forecast December 14, 2011, Technical Analysis

By:
Christopher Lewis
Updated: Jan 1, 2011, 00:00 UTC

USD/JPY fell for the first part of the session on Tuesday, only to bounce hard and end the session slightly positive. In fact, the daily candle looks like

USD/JPY Forecast December 14, 2011, Technical Analysis

USD/JPY fell for the first part of the session on Tuesday, only to bounce hard and end the session slightly positive. In fact, the daily candle looks like a hammer, and even suggests that higher levels are to come. This wouldn’t be a massive surprise as the Dollar is being bought hand over fist right now because of the EU debt crisis. However, there is massive resistance at the 80 level, se we feel the upside is limited at this point. The Bank of Japan can’t break through this area, and that means something. We aren’t buying, but rather are interested in the idea of shorting this pair much closer to 80.

USD/JPY Forecast December 14, 2011, Technical Analysis
USD/JPY Forecast December 14, 2011, Technical Analysis

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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