The USD/JPY pair fell slightly during the session on Wednesday, but only slightly so. The Bank of Japan is still supporting this pair, and as long as they do – the selloff will be slow. The pair cannot be bought, and quite frankly – cannot be sold at this point either. Because of this, we feel waiting until much lower levels to buy could be the next trade, as we would be getting in line to be there when the Bank of Japan intervenes yet again. In the mean time, there is no trade.
USD/JPY Forecast Nov. 17th, 2011, Technical Analysis