USD/JPY fell for the session on Thursday as the Dollar lost against most major currencies. The pullback is long overdue, and the 80 level always looked as if it could give the bullish momentum issues. The pair is overbought by any metric, and as a result, we think that the pair should continue to fall at this point. In order to be comfortable shorting it though, we need to see a move below the 79.50 support cluster. If not, we may continue to climb - but this move has been parabolic and we like to see these moves fall to collect more buyers before getting involved.

USD/JPY

USD/JPY Forecast February 24, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.2493
79.5497
80.0463
80.3467
80.8433
81.1437
81.6403

 Fibonacci
79.5497
79.8541
80.0422
80.3467
80.6511
80.8392
81.1437

 Camarilla
80.3238
80.3969
80.4699
80.3467
80.6161
80.6891
80.7622

 Woodie's
-
79.5987
80.1445
80.3958
80.9415
81.1928
-

 DeMark's
-
-
80.9935
80.4218
80.1965
-
-