USD/JPY broke through the 80 level on Wednesday as the barrier finally gave way. The daily close is above the level, so this looks as if it is a serious attempt to break out and away from the massive consolidation zone that has been so restrictive over the last several months. The Bank of Japan looks to continue the bond purchasing programs in order to work the value of the Yen down. At this point, we are willing to buy, but think that if 79.30 gives way - the move will be negated for the time being. To be honest, we think this trend is changing, but we would prefer to see a pullback before buying for a longer-term position.

USD/JPY

USD/JPY Forecast February 23, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.0767
79.3468
79.7597
80.0298
80.4427
80.7128
81.1257

 Fibonacci
79.3468
79.6077
79.7689
80.0298
80.2907
80.4519
80.7128

 Camarilla
79.9847
80.0473
80.1099
80.0298
80.2351
80.2977
80.3603

 Woodie's
-
79.3825
79.8310
80.0655
80.5140
80.7485
-

 DeMark's
-
-
80.5777
80.0974
79.8948
-
-