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 Forecast February 10, 2012, Technical Analysis
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3