USD/JPY Technical Analysis for May 5, 2011

The USD/JPY fell today, but managed a slight bounce from the 80.50 level, or half way through the massive support area represented by the 80-81 area. The pair needs to prove itself here, or the bulls will simply have to wait for the central banks to step in again, which they are more than likely to do if the pair falls much lower. Selling isn’t advised, and buying on any signs of strength could be the key to profits.

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