The USD/JPY pair fell slightly during the session on Monday in otherwise light trading. The stock markets were quiet, as were the futures markets. The pair has recently moved up quite strongly, so a pause isn't too much out of the ordinary in a situation like this.

However, it should be noted that the session saw a bounce by the end of the session, and even formed a bit of a hammer. (A stubby one at that, but a hammer none the less.) The move for the session suggests that there are still a lot of traders that want in this pair to the upside. The next major resistance area we see is the 85 handle, and as such we are buying on dips until we get to that level. Selling isn't a consideration until we get below the 80 handle.

USD/JPY

USD/JPY Forecast March 13, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
81.4417
81.7018
81.9457
82.2058
82.4497
82.7098
82.9537

 Fibonacci
81.7018
81.8944
82.0133
82.2058
82.3984
82.5173
82.7098

 Camarilla
82.0509
82.0971
82.1433
82.2058
82.2357
82.2819
82.3281

 Woodie's
-
81.6977
81.9375
82.2018
82.4415
82.7057
-

 DeMark's
-
-
82.3277
82.1449
81.8238
-
-