USD/JPY continues to lull traders to sleep as it goes sideways in a roughly 70 pip range over the last several sessions. Monday saw more of the same, and formed a doji. While there really isn't much to do in this pair at the moment, it is worth watching as there are some definitive areas to watch. The 76.50 level should continue to be support, and if it gives way, there is a chance that you will see the Bank of Japan get involved in the currency markets again. The 78.25 should be thought of as the absolute top in the recent ranges, and the 80 level is the absolute top in this market currently. The 80 will be hard to break free of, but if the market does - it will be a long term buy and hold pair. If the 78.25 level shows weakness we could fade the rally and expect to see a return to the current areas.

USD/JPY

USD/JPY Forecast January 24, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
76.7067
76.7838
76.9227
76.9998
77.1387
77.2158
77.3547

 Fibonacci
76.7838
76.8663
76.9173
76.9998
77.0823
77.1333
77.2158

 Camarilla
77.0021
77.0219
77.0417
76.9998
77.0813
77.1011
77.1209

 Woodie's
-
76.7993
76.9535
77.0152
77.1695
77.2313
-

 DeMark's
-
-
77.1773
-
76.9613
-
-