USD/JPY fell again on Wednesday as traders continue to press their luck against the Bank of Japan and its desire to keep this cross rate higher. The resulting bounce in the late hours of the session saw a hammer form, and this area that the pair currently sits in is the start of serious support - not the least of which includes a massive intervention candle.

Because of this, we simply cannot sell at this point in time. However, a small position can be initiated in the desire to catch intervention attempts. A break of the high from the Wednesday session could be your trigger. However, it should be said that patience will more than likely be needed as the BoJ will move on its own time.

USD/JPY

USD/JPY Forecast February 2, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
75.6477
75.8338
75.9867
76.1728
76.3257
76.5118
76.6647

 Fibonacci
75.8338
75.9633
76.0433
76.1728
76.3023
76.3823
76.5118

 Camarilla
76.0463
76.0773
76.1084
76.1728
76.1706
76.2017
76.2327

 Woodie's
-
75.8255
75.9700
76.1645
76.3090
76.5035
-

 DeMark's
-
-
76.2493
76.1346
75.9103
-
-