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 Forecast February 23, 2012, Technical Analysis
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3