The Tuesday session saw strength in the USD/JPY pair as the Monday shooting star was overtaken by the bulls. However, the 77 handle is an area that saw significant support previously, and resistance would be somewhat expected. The area should continue to provide choppiness for traders, and make this pair very difficult to trade. Because of this, we are willing to step aside and wait for a pullback from which to buy this pair. The Bank of Japan is still below, and as such, we are willing to go long at lower levels, but recognize that the area just above could cause some issues.

USD/JPY

USD/JPY Forecast February 8, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
76.2627
76.4553
76.7777
76.9703
77.2927
77.4853
77.8077

 Fibonacci
76.4553
76.6521
76.7736
76.9703
77.1671
77.2886
77.4853

 Camarilla
76.9584
77.0056
77.0528
76.9703
77.1472
77.1944
77.2416

 Woodie's
-
76.4878
76.8425
77.0028
77.3575
77.5178
-

 DeMark's
-
-
77.3890
77.0185
76.8740
-
-