USD/JPY Technical Analysis for August 5, 2011

USD/JPY skyrocketed on Thursday, as the Bank of Japan intervened in the FX markets to stem the tide of Yen buying in the markets. We warned you over the last couple days that this could happen, so if you listened – you did quite well. Obviously, you can only buy this pair now. We encourage buying on dips for the time being, at least until we hit the 80 mark, which should be massive resistance. If we get above that area, then the trend could be up for a while.

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