USD/JPY Technical Analysis September 6, 2011

USD/JPY continues to sit still at the 76.50 area, as traders weigh out the possibilities of a global recession. The pair should be falling as the USD/JPY is somewhat sensitive to the ill of the West, but the truth is the Bank of Japan has been very vocal about its displeasure in the rising Yen. Because of this, the pair seems to have a floor at 76 and a ceiling at 77. It is going to be a scalper’s market for a while.

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