If you have been watching our videos, you know that we are already long of this pair. The Thursday action was a bit weak, but after the move upwards, this pullback is minor at best. The Bank of Japan continues to buy massive amounts of JGBs, and this is akin to printing Yen. The pair should continue to rise overall, and as a result we like buying pullbacks on signs of support going forward. We still think 85 is seen soon, and if that level gives way we head to 90. We will not sell this pair at all now.

USD/JPY

USD/JPY Forecast March 16, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
82.5383
82.8632
83.2023
83.5272
83.8663
84.1912
84.5303

 Fibonacci
82.8632
83.1168
83.2735
83.5272
83.7808
83.9375
84.1912

 Camarilla
83.3589
83.4198
83.4806
83.5272
83.6024
83.6632
83.7241

 Woodie's
-
82.8667
83.2095
83.5307
83.8735
84.1947
-

 DeMark's
-
-
83.6967
83.4424
83.0327
-
-