By FXEmpire.com
The USD/JPY pair had a positive week, although it gave back about half of the gains by the end of Friday trading. The 80 level continues to be a magnet for price, and the Bank of Japan is just below and willing to intervene if recent history is any indication.
The 61.8% Fibonacci level is currently holding up the market, and as a result it is the lowest level the bulls can hold onto at the moment. Because of the Bank of Japan, we aren’t willing to sell. Because of this, we are looking for a buy signal, but don’t see it until we get above the 80.60 level.
Click here to read USD/JPY Technical Analysis.
Originally posted here
