USD/JPY continues to grind higher on Wednesday as the market takes the recent admission of the Bank of Japan to intervening in the markets recently. The 77 handle is resistive and in the middle of recent consolidation, and could continue to fight the bulls in this pair. We don't like buying or selling at this point, as we see a bit of a no man's land situation in this area. The Bank of Japan is below, and we would like to buy on a dip - but we would like to see a new low first. As for buying, we don't buy into resistance.

USD/JPY

USD/JPY Forecast February 9, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
76.3707
76.5468
76.8887
77.0648
77.4067
77.5828
77.9247

 Fibonacci
76.5468
76.7447
76.8670
77.0648
77.2627
77.3850
77.5828

 Camarilla
77.0880
77.1355
77.1830
77.0648
77.2780
77.3255
77.3730

 Woodie's
-
76.5883
76.9715
77.1063
77.4895
77.6243
-

 DeMark's
-
-
77.4947
77.1089
76.9767
-
-