The USD/JPY pair had a fairly quiet but constructive week over the last 5 sessions as this market continues to grind sideways with a positive bias. The
The USD/JPY pair had a fairly quiet but constructive week over the last 5 sessions as this market continues to grind sideways with a positive bias. The 78.50 level seems to be too much for this pair to overcome, and to be honest, the 80 is just about impossible. It is the 80 level that we need to see broken to the upside in order for us to buy. If that area gets broken, it could be the start of a long-term run north. The downside is protected by the Bank of Japan near the 75 level, so while we favor it, it would only be a trade for a week or two at best since we are so close to those levels already.
USD/JPY Forecast for the Week of December 26, 2011, Technical Analysis
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.
