USD/JPY fell for a bit of the Monday session, only to bounce in the end as the 77.50 level held as support. The level is a minor one, but is visible on previous times as well, so it must be respected. Currently, it looks like the market is set to run to the 78.50 (ish) area as the resistance there will be much more considerable. It is because of this the we think ignoring this buy signal is probably a good idea, and if the pair rises - we are more interested in what happens in between 78 and 78.50 as that area has been very reliable for shorting. The first signs of weakness in that area and we are selling. Otherwise, we will leave this pair alone for the time being.
USD/JPY Forecast February 14, 2012, Technical Analysis
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3