The USD/JPY continued to grind away just under the all-important 80 level on Tuesday as traders try to challenge one of the most obvious points of resistance on any chart in the Forex markets presently. The move recently has been parabolic, and as a result there needs to at least be a consolidation area, if not a pullback. With this in mind, we are willing to take a small position at this point in order to capitalize on the overall trend resuming. (If it does.) The beauty of this trade is that it can be reversed if we close well above the 80 level for a longer term trade in this pair that could last months if not years.

USD/JPY

USD/JPY Forecast February 22, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.1823
79.3997
79.7823
79.9997
80.3823
80.5997
80.9823

 Fibonacci
79.3997
79.6289
79.7705
79.9997
80.2289
80.3705
80.5997

 Camarilla
80.0000
80.0550
80.1100
79.9997
80.2200
80.2750
80.3300

 Woodie's
-
79.4410
79.8650
80.0410
80.4650
80.6410
-

 DeMark's
-
-
80.4910
80.0540
79.8910
-
-