USD/JPY shot straight up during the Tuesday session as traders took on a bit more risk in the Yen related markets. The pair is still in a massive downtrend, and the area it slammed into for the session is still massive resistance. The pair cannot be bought at this point as surely there will be sellers willing to come into the market at this point, and the trend is against you. The 78.25 level has been very resistive lately, and nothing in this chart suggests that it is about to give way. Because of this, we are willing to fade this rally unless the daily chart can somehow close above the 80 mark, which would mark a significant and long-term change.

USD/JPY

USD/JPY Forecast January 25, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
76.3917
76.7198
77.3337
77.6618
78.2757
78.6038
79.2177

 Fibonacci
76.7198
77.0797
77.3020
77.6618
78.0217
78.2440
78.6038

 Camarilla
77.6885
77.7748
77.8611
77.6618
78.0339
78.1202
78.2065

 Woodie's
-
76.7913
77.4765
77.7332
78.4185
78.6753
-

 DeMark's
-
-
78.4398
-
77.4977
-
-