The USD/JPY pair had yet another bullish week as the Bank of Japan and its bond buyback program continues to pump Yen into the marketplace. The recent action has been the start of a trend change, and this move could go on for quite some time as a result. The 80 level still is our line in the sand for being bullish, and we are now 3 and a half handles above that level. The 85 level above continues to be resistance, but we feel it gives way sooner or later. We are long already, and willing to add on pullbacks as long as we stay above 80.

USD/JPY

USD/JPY Forecast for the Week of March 19, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
82.3320
82.7570
83.1010
83.5260
83.8700
84.2950
84.6390

 Fibonacci
82.7570
83.0508
83.2322
83.5260
83.8198
84.0012
84.2950

 Camarilla
83.2335
83.3040
83.3745
83.5260
83.5155
83.5860
83.6565

 Woodie's
-
82.7368
83.0605
83.5058
83.8295
84.2747
-

 DeMark's
-
-
84.0825
83.6322
83.3135
-
-