USD/JPY Technical Analysis for May 10, 2011

The USD/JPY fell again today, and is hanging around the 80 level still. A break of the 80 level will certain get the attention of the central banks, and if we break lower – we are not willing to short because of it. The long trade could be setting up, but the market seems to be weak. Perhaps we need to see intervention in order to get USD buyers back in the market. We buy strength, and we ignore weakness at these levels.

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