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

USD/JPY Forecast February 16, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
77.8253
78.0002
78.2633
78.4382
78.7013
78.8762
79.1393

 Fibonacci
78.0002
78.1675
78.2709
78.4382
78.6055
78.7089
78.8762

 Camarilla
78.4060
78.4462
78.4864
78.4382
78.5666
78.6068
78.6470

 Woodie's
-
78.0222
78.3075
78.4603
78.7455
78.8983
-

 DeMark's
-
-
78.7887
78.4819
78.3508
-
-