USD/JPY Technical Analysis August 2, 2011

The USD/JPY pair had an extremely wild day on Monday as traders weigh the results of a possible debt limit deal along with the idea of a possible Bank of Japan intervention in the FX markets. The day had an extremely wide range, but this is what makes the day such a good signal as a move above the highs or lows would be impressive. If we can break the highs from Monday, we would go long. We wouldn’t sell as it is only a matter of time before we see the BoJ get involved.

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