USD/JPY had a wide range for the session on Wednesday as traders continue to weigh the possibilities of trouble coming out of the European Union. The 78.50 level continues to be a focal point of the sellers, and it looks like they stepped into the picture during the session to try and exert control again. The trend is certainly down, so selling certainly makes sense. However, we want to wait until the bottom of the Wednesday range gets broken below as it would signal a return to selling. The move has been far too strong over the last few days, so this pullback has been warranted for some time. We are not willing to buy until we get above the 80 level.
USD/JPY Forecast February 16, 2012, Technical Analysis
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3