USD/JPY fell a bit during the session on Thursday as the pair continues to consolidate above the all-important 80 level. The pair is being supported by the Bank of Japan in several different ways at the moment, and this should continue to drive the market to higher levels going forward.

One of the biggest drivers for this market going forward is the fact that the Bank of Japan is expanding the bond buying program that will flood the market with Yen. The Dollar also has the safety trade status, and this should continue to push prices higher. Because of this, we are buying as long as we can stay above the 80 level. We will use pullbacks as our buying opportunities.

USD/JPY

USD/JPY Forecast March 2, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
80.3190
80.6175
81.1230
81.4215
81.9270
82.2255
82.7310

 Fibonacci
80.6175
80.9246
81.1144
81.4215
81.7286
81.9184
82.2255

 Camarilla
81.4074
81.4811
81.5548
81.4215
81.7022
81.7759
81.8496

 Woodie's
-
80.6693
81.2265
81.4732
82.0305
82.2772
-

 DeMark's
-
-
82.0763
81.4961
81.2722
-
-