The USD/JPY pair rose a bit during the Thursday session as the Yen lost against most other major currencies. The recent break of the 80 level is a very strong signal, and as a result we are long only in this market. The 80 will continue to be overly supportive in our opinion, and the trend is starting to change, based upon a recent break of a multi-year trend line. The 200 day EMA has been broken above recently as well, so we are buying pullbacks going forward. The 0.85 level above is our next longer-term target, and if we can get above it - we think this trade goes to parity eventually.

USD/JPY

USD/JPY Forecast March 9, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
80.8960
81.1075
81.4790
81.6905
82.0620
82.2735
82.6450

 Fibonacci
81.1075
81.3302
81.4678
81.6905
81.9132
82.0508
82.2735

 Camarilla
81.6902
81.7436
81.7971
81.6905
81.9039
81.9574
82.0108

 Woodie's
-
81.1475
81.5590
81.7305
82.1420
82.3135
-

 DeMark's
-
-
82.1677
81.7434
81.5847
-
-