USD/JPY Technical Analysis August 23, 2011

USD/JPY had a wild run on Monday, as it was both bullish and bearish at times, eventually forming a long-legged doji at the end of the session. The market wants to short this pair, but the Bank of Japan is making it obvious that the falling of this pair will no longer be tolerated. The 77 level seems to be a bit of a battleground at this point and as such makes a natural magnet for the currency pair. The pair is impossible to short safely, but a move above the highs on Monday’s session could be a good buying signal for the next 2-300 pips.

Leave a Reply

Your email address will not be published. Required fields are marked *