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

USD/JPY Forecast February 14, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
76.8023
77.0807
77.5303
77.8087
78.2583
78.5367
78.9863

 Fibonacci
77.0807
77.3588
77.5306
77.8087
78.0868
78.2586
78.5367

 Camarilla
77.7798
77.8465
77.9133
77.8087
78.0467
78.1135
78.1802

 Woodie's
-
77.1235
77.6160
77.8515
78.3440
78.5795
-

 DeMark's
-
-
78.3975
77.8782
77.6695
-
-