USD/JPY Forecast for the Week of Nov. 28, 2011, Technical Analysis

The USD/JPY pair had a very positive week for the last 5 sessions, but one has to keep in mind the extreme amount of bearishness in this pair to begin with. The longer-term weekly charts clearly show that the 0.80 level is a massive resistance area, and we feel that this area should continue to serve as being too strong to be overcome anytime soon. The rise of the USD in this pair probably has more to do with the run to the Dollar in general as the EU crisis gets worse. The Yen will also be considered a safe haven as well, so to think this pair rises above 0.80 is probably wishful thinking at this point. A weekly close above that level would have us second guessing this idea though. In the mean time, we will probably see opportunities to sell this pair on rallies.

USD/JPY Forecast for the Week of Nov. 28, 2011, Technical Analysis USD/JPY Forecast for the Week of Nov. 28, 2011, Technical Analysis

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