The USD/JPY pair fell during the session on Monday as the market took a little bit of a break from the massive surge upward. The pair fell back down to the 80 area, and then bounced. The 80 level is very important to the pair in order to continue to see the upward momentum take over. The breakout above that level was massive, and we think that the 80 - 85 level is the new consolidation area.

The pullback was healthy as the move had gotten parabolic. The recent surge was so quick that we simply couldn't maintain this move without a correction. The market looks very positive at this point, and we think the market is a buy on the dips market, and this should continue to be the way until we close on a daily chart below the 80 level.

USD/JPY

USD/JPY Forecast February 28, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.1497
79.6423
79.9987
80.4913
80.8477
81.3403
81.6967

 Fibonacci
79.6423
79.9667
80.1670
80.4913
80.8157
81.0160
81.3403

 Camarilla
80.1215
80.1993
80.2772
80.4913
80.4328
80.5106
80.5885

 Woodie's
-
79.6082
79.9305
80.4573
80.7795
81.3063
-

 DeMark's
-
-
80.6695
80.4022
79.8205
-
-