USD/JPY gapped at the open on Monday, only to turn around and fill the gap as technicians will have undoubtedly tried to fill the gap. The pair looks set to try and break through the 80 level, but there is a massive barrier at the level, and we are looking for a possible weak daily candle form which to sell. The breaking of this barrier won't be confirmed until we can get a close well over it. We are willing to go long on a buy and hold basis if the pair closes above 0.81, and at that point in time we think the trend will have changed significantly. However, the selling of this pair will more than likely be a cleaner trade if we get the signal of weakness at 80 or so.

USD/JPY

USD/JPY Forecast February 21, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.0183
79.1912
79.5123
79.6852
80.0063
80.1792
80.5003

 Fibonacci
79.1912
79.3799
79.4965
79.6852
79.8739
79.9905
80.1792

 Camarilla
79.6976
79.7429
79.7882
79.6852
79.8788
79.9241
79.9694

 Woodie's
-
79.2283
79.5865
79.7223
80.0805
80.2163
-

 DeMark's
-
-
80.0927
79.7284
79.5987
-
-