USD/JPY Forecast for the Week of January 23, 2012, Technical Analysis

USD/JPY is currently sitting still, and with the Bank of Japan sitting just below the current levels, this pair simply cannot find any real traction to fall lower. However, the upside seems to be limited as well, as the 0.80 level is massive resistance. The pressure is certainly to the downside, and this looks set to continue going forward. The 0.80 level mentioned above has to be broken in order for the long-term trader to get involved, as the downside is protected by the BoJ. Because of this, we consider the USD/JPY pair a scalpers only market.

USD/JPY Forecast for the Week of January 23, 2012, Technical Analysis
USD/JPY Forecast for the Week of January 23, 2012, Technical Analysis

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