The USD/JPY pair continued to stall at current levels during the Friday session, even as the market looks fairly parabolic. The pair continues to get a boost from the Bank of Japan and its bond buyback program that will print Yen in massive amounts. In fact, this recent action has been a bit of a trend change in our minds, and as long as the pair is over the 80 level, we are buying it only. The last couple of sessions has seen a small pullback, but mainly sideways action. This could be leading up to another leg up, and as such we are buying supportive candles as the pair pulls back. We see support at the 83, 82, 81, and even the 80 levels. We will not sell at this point, and expect the next serious resistance level to be the 85 handle.

USD/JPY

USD/JPY Forecast March 19, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
82.3320
82.7570
83.1010
83.5260
83.8700
84.2950
84.6390

 Fibonacci
82.7570
83.0508
83.2322
83.5260
83.8198
84.0012
84.2950

 Camarilla
83.2335
83.3040
83.3745
83.5260
83.5155
83.5860
83.6565

 Woodie's
-
82.7368
83.0605
83.5058
83.8295
84.2747
-

 DeMark's
-
-
84.0825
83.6322
83.3135
-
-