By FX Empire.com
The USD/JPY pair fell at first in the week as the large breakout came back for a pause. The market certainly is starting to recognize that something is happening, and once we pulled back; there were many participants willing to jump in from the bullish side.
The recent break of the long-term trend line tells us that we could very well be in the middle of a trend change. At the very least, we think that the move should run to the 85 level. The market still looks very strong to us, and it must be remembered that the last two candles have seen nice pullbacks, so even though this move looks a little bit parabolic, it isn’t as steep as it first looks. We are already long of this pair, and will add to it on shorter timeframes as we see signs of support.
USD/JPY Forecast for the Week of March 12, 2012, Technical Analysis
Originally posted here
