USD/JPY rose again on Wednesday as the Dollar gained against most currencies. The risk off trade came into play in full force after several central banks essentially said there may be less quantitative easing than expected. With this in mind, a bit of readjusting had to happen, and the market certainly did. The 81 level has been claimed again, and the 80 level now looks to be very supportive. At this point, we are willing to buy pullbacks as long as we stay above the 80 level, and selling would only be possible below that handle, and for short-term trades.

USD/JPY

USD/JPY Forecast March 1, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.9980
80.3655
80.6560
81.0235
81.3140
81.6815
81.9720

 Fibonacci
80.3655
80.6169
80.7721
81.0235
81.2749
81.4301
81.6815

 Camarilla
80.7656
80.8259
80.8862
81.0235
81.0068
81.0671
81.1274

 Woodie's
-
80.3462
80.6175
81.0042
81.2755
81.6623
-

 DeMark's
-
-
81.4977
81.1154
80.8397
-
-