USD/JPY Technical Analysis for the Week of August 8, 2011

The USD/JPY pair saw intervention by the Bank of Japan this past week, but quickly gave up a lot of the gains from that action. The pair is certainly bearish, but with the BoJ talking openly to other central banks for a helping hand, one has to think that the eventuality of a coordinated intervention is a major reason to avoid shorting this pair. A long could be taken, but only if you are willing to sit on this trade for a very, very long time.

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