USD/JPY Forecast for the Week of Nov. 14th, 2011, Technical Analysis

The USD/JPY pair fell during the past week as traders retraced the previous week’s intervention by almost half. The market really took it to the Dollar on Friday, and as a result the pair fell. The Bank of Japan is certainly watching this, and will more than likely start jawboning again in the vicinity of 76 or so. Because of this, we feel there are absolutely no long-term trades in the pair at the moment, and probably not until it begins to reverse the trend – something we don’t see anytime soon.

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