USD/JPY Price May 23, 2012, Technical

The USD/JPY pair had a bullish day on Tuesday as the world awaits the result of the Bank of Japan’s meeting. The pair slammed into the 80 level again, and there were plenty of offers there to keep prices under wraps. The meeting could produce fireworks if the BoJ is willing to be aggressive when it comes to weakening the Yen today, and if they come in and do a large amount of easing, we could see a run above the 80 handle. Our buy signal is a close above the 80.60 level on the daily chart. Today could produce that signal. As for selling, we are far too close to areas that attracted the BoJ previously and aren’t interested in shorting as a result.

USD/JPY Price May 23, 2012, Technical

Written by FX Empire