USD/JPY initially shot straight up for the session on Wednesday only to turn around and fall later in the session. The Federal Reserve showed that it was going to keep the interest rates low until at least the end of 2014, and as result we saw the Dollar fall in general.

The shooting star candle comes right within the resistance zone that we mentioned the other day, and as a result we are willing to sell the bottom of the daily range for Wednesday as the breaking of those lows would be a classic sell signal. We are aiming for 76.50 or so as it has been massive support.

USD/JPY

USD/JPY Forecast January 26, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
76.5397
77.0278
77.3157
77.8038
78.0917
78.5798
78.8677

 Fibonacci
77.0278
77.3243
77.5074
77.8038
78.1003
78.2834
78.5798

 Camarilla
77.3901
77.4612
77.5324
77.8038
77.6746
77.7458
77.8169

 Woodie's
-
76.9778
77.2155
77.7537
77.9915
78.5298
-

 DeMark's
-
-
77.9477
77.7319
77.1718
-
-