The USD/JPY pair continues to grind lower as the bears step in every time it rallies. The Bank of Japan is the only reason the market isn’t sitting below
The USD/JPY pair continues to grind lower as the bears step in every time it rallies. The Bank of Japan is the only reason the market isn’t sitting below the 75 handle at this point. Once the price gets closer to 75, the BoJ intervenes. Because of this, it is hard to form any long-term selling in this pair. Buying isn’t an option until we close over the 80 level finally as it is massive resistance.
USD/JPY Forecast for the Week of Dec. 12th, 2011, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
