The USD/JPY pair fell for most of the session on Monday, but bounced later in the trading day to form a nice hammer. The pair looks like it is still willing to go higher, and this latest pullback may actually be a one-day event. The 0.8150 level now looks a bit supportive, and the pair also looks very constructive in general.

The 80 level is now our signal. If we can stay above that mark, we are willing to buy dips that show support, such as the Monday candle as we are going to add to our long position if we can break above the Monday highs.. Until we close on the daily timeframe below the 80 level, we are not willing to sell under any circumstance.

USD/JPY

USD/JPY Forecast March 6, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
80.7057
80.9288
81.1477
81.3708
81.5897
81.8128
82.0317

 Fibonacci
80.9288
81.0977
81.2020
81.3708
81.5397
81.6440
81.8128

 Camarilla
81.2450
81.2855
81.3260
81.3708
81.4070
81.4475
81.4881

 Woodie's
-
80.9278
81.1455
81.3697
81.5875
81.8118
-

 DeMark's
-
-
81.7013
81.4266
81.2592
-
-