USD/JPY fell during the session on Tuesday as the risk off trade came back due to Greek fears, and the news that several economies are reporting a slowdown in such places as Europe, China, and Brazil. With all of this in mind, there are a lot of traders that wish to own Yen. However, this pair is being moved against by the Bank of Japan, and a break of the 80 resistance level was a monumental move. With this in mind, we think this is simply the pause before a move higher. In fact, the 4 hour chart shows a hammer at the moment, and this shows just how resilient this pair really is. We are buying on dips going forward, and building a position for the long-term in the market.

USD/JPY

USD/JPY Forecast March 7, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.6297
80.1038
80.4407
80.9148
81.2517
81.7258
82.0627

 Fibonacci
80.1038
80.4136
80.6050
80.9148
81.2246
81.4160
81.7258

 Camarilla
80.5545
80.6288
80.7032
80.9148
80.8518
80.9262
81.0005

 Woodie's
-
80.0695
80.3720
80.8805
81.1830
81.6915
-

 DeMark's
-
-
81.0833
80.8306
80.2722
-
-