USD/JPY had an extremely quiet week over the last 5 days. The pair has barely moved at this point, and the 76.50 level is turning out to be massive support. The Bank of Japan continues to watch this pair, and will intervene if the pair drops too low. The 0.80 level above still continues to be resistive, and the level should continue to keep a lid on the pair. Because we are in such a tight range – we see no real long-term trades available at this point in time. A weekly close above the 80 level would of course be a great long-term buy and hold signal, but we don’t expect to see that anytime soon.
USD/JPY Forecast for the Week of January 16, 2012, Technical Analysis
Originally posted here
