USD/JPY Technical Analysis August 9, 2011

USD/JPY fell again on Monday, as traders sold off everything risk related. In fact, the Dow fell over 600 points, and as such – the “risk off” trade came into play. The Bank of Japan has made it well-known that they are considering another intervention, so we aren’t involved in this pair. In fact, it looks like the 77.50 area could be a natural support level. If we had to take a position in this pair – we would perhaps buy. But luckily for us, we don’t have to be involved in this pair at all.

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