The USD/JPY pair initially fell during the week as the market went back down to retest the 80 level. Now that the level has held as support, this could be the start of a much larger move. The weekly candle shape is that of a hammer, and it is sitting just above the 80 line. This is an area that offered tremendous resistance previously, and now looks as if it is going to offer significant support again. With this in mind, we think that the previous consolidation range of 80 - 85 will be the new rectangle we trade in for the moment. However, with this surge - we think that eventually 85 will give way. We are buying on a break of the highs from the week, and cannot sell until we are well below the 80 level.

USD/JPY

USD/JPY Forecast for the Week of March 5, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
81.6820
81.7130
81.7610
81.7920
81.8400
81.8710
81.9190

 Fibonacci
81.7130
81.7432
81.7618
81.7920
81.8222
81.8408
81.8710

 Camarilla
81.7873
81.7945
81.8018
81.7920
81.8162
81.8235
81.8307

 Woodie's
-
81.7173
81.7695
81.7963
81.8485
81.8752
-

 DeMark's
-
-
81.8555
81.7998
81.7765
-
-