USD/JPY rose again on Thursday as the US jobless claims number came out at the lowest level in 4 years. The pair is massively beat down over the last few years, but the truth is that the 80 level looms large above this recent surge. The move has been parabolic, but the reality is that 80 will be the real test for this pair going forward. Because of this, we are willing to step back and wait to see what happens when the market reaches the level.

A daily close above it would have us going into buy and hold mode, but to be honest - this is probably not going to be very likely at this point in time. The move simply has been too strong and rapid to break through the massive area on the first attempt it seems, and the risk off appeal of shorting this pair should continue. With this in mind, we are waiting for 80.

USD/JPY

USD/JPY Forecast February 17, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
78.3070
78.5035
78.7940
78.9905
79.2810
79.4775
79.7680

 Fibonacci
78.5035
78.6895
78.8045
78.9905
79.1765
79.2915
79.4775

 Camarilla
78.9506
78.9952
79.0399
78.9905
79.1291
79.1738
79.2184

 Woodie's
-
78.5270
78.8410
79.0140
79.3280
79.5010
-

 DeMark's
-
-
79.3792
79.0396
78.8923
-
-