USD/JPY Technical Analysis for the Week of August 15, 2011

The USD/JPY pair continues to press to the downside as traders are buying up the Yen in massive quantities. However, the 77 level has proven to be supportive because of the Bank of Japan’s recent intervention at that level. We are currently looking very weak at this level, but the market cannot or at least will not break this market down below. With BoJ intervention a serious possibility below this level, we don’t want to sell – but can’t find much joy in the prospect of buying either.

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