USD/JPY Technical Analysis August 15, 2011

USD/JPY fell again on Friday as traders attempted to push prices lower, but as with the last several days, found themselves wanting. The BoJ intervened at this level recently, and there are indications that they may be thinking about doing it again. The markets know this, and as such – are not will to push the issue much farther. We see three hammers in a row, there is a good chance that we see a bounce from this area sooner or later.

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