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 Forecast March 2, 2012, Technical Analysis
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3