USD/JPY fell again on Tuesday as traders continue to test the patience of the Bank of Japan. The finance minister did have a few words about the rate of the Yen last night, but as of yet there haven't been any major signs of intervention coming. However, there is little doubt that the Japanese are willing to do it, and will more than likely do it in the relative near future. The 75.50 mark was where they did last time, and it is a good bet they will be watching that area going forward.

They often like to release a few statements before actually getting involved, so while they are certainly paying attention - there is a good chance they won't get into the markets for a few days or even weeks, depending on how fast the descent of this pair is. In the mean time, we are waiting for more chatter from the BoJ in order to place a position on the long side. Selling isn't even possible at this point.

USD/JPY

USD/JPY Forecast February 1, 2012. Technical Analysis

USD/JPY Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
75.7320
75.9195
76.0510
76.2385
76.3700
76.5575
76.6890

 Fibonacci
75.9195
76.0414
76.1166
76.2385
76.3604
76.4356
76.5575

 Camarilla
76.0948
76.1240
76.1533
76.2385
76.2117
76.2410
76.2702

 Woodie's
-
75.9055
76.0230
76.2245
76.3420
76.5435
-

 DeMark's
-
-
76.3042
76.2056
75.9852
-
-