USD/JPY fell for the session on Wednesday as the Dollar got sold off in general. The pair currently is sitting on top of a nice support area at 76.50 level and the market simply hasn't moved much over the last couple of weeks.
The Bank of Japan is always a threat to intervene, and as a result selling isn't going to be an option at this level. The market could be bought if we see a break higher as there is an automatic backstop because of the BoJ. The 78.25 level seems to be the top of the range, so we would only get involved in this pair for a short term trade as the market is so tightly wound at this point.
USD/JPY Forecast January 19, 2012, Technical Analysis
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S1 S2 S3 Pivot R1 R2 R3