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USD/JPY Forecast May 31, 2012, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 31 May 2012 06:43 UTC

The USD/JPY pair had a bearish day on Wednesday as the fears of a global recession came back into the markets. With the fears coming out of Europe, there is rampant speculation that the Fed will have to do some kind of easing in the near future. However, the 79 level looks to be holding and this could remind the market that it is still in consolidation. The Friday Non-Farm Payrolls number will certainly be a market mover in this pair as well, and as a result we are flat at the moment.

Selling is almost impossible as the Bank of Japan is sitting below, and has intervened several times in the area just below us. This will keep us looking for buying opportunities at the moment, but we don’t see any until we clear the 80.60 level.

USD/JPY Forecast May 31, 2012, Technical Analysis

Written by FX Empire

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