USD/JPY Forecast Nov. 9th, 2011, Technical Analysis

The USD/JPY pair fell during the session on Tuesday as traders shorted the Dollar against most major currencies. The pair is being supported by the Bank of Japan via intervention, so the move down will more than likely be a slow and brutal grind, but we know this intervention was unilateral – which fails most if not all of the time. We are ready to take profits well before the lows, as we think the central bank will intervene again if this pair falls too much.

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