USD/JPY Technical Analysis August 11, 2011

USD/JPY fell on Wednesday again, but managed to form a hammer, at the 77 support area. The pair is certainly being watched by the Bank of Japan, who has intervened recently and has been making statements about doing it again. Because of this, we won’t sell this pair anymore as the risk simply isn’t worth it. The pair rising past 77.50 would be enough for us to try a small long position.

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