USD/JPY rose on strong buying during the Thursday session as the Greek announcement of a potential deal continues to give the risk on traders a bit of a boost. The Bank of Japan has admitted that they have been clandestinely intervening in the Forex markets recently, and this would certainly explain the inability for so long for sub-76.50 prices. The pair looks strong at the moment, but the 78.50 level sits above, and looks very resistive at this point. The trend is down, so we prefer selling at higher levels if we get them. The 80 handle above is massive resistance, so selling is preferred for a short-term trade, and seeing weakness in the 78 to 78.50 area is where we want to see it.

USD/JPY

USD/JPY Forecast February 10, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
76.6047
76.8533
77.2637
77.5123
77.9227
78.1713
78.5817

 Fibonacci
76.8533
77.1051
77.2606
77.5123
77.7641
77.9196
78.1713

 Camarilla
77.4928
77.5532
77.6136
77.5123
77.7344
77.7948
77.8552

 Woodie's
-
76.8937
77.3445
77.5528
78.0035
78.2117
-

 DeMark's
-
-
78.0470
77.5745
77.3880
-
-