USD/JPY Technical Analysis for May 12, 2011

The USD/JPY rose on Wednesday, only to fall back down, forming a doji. The pair is just above the all-important 80 level, and looks like it could be winding up for a move to the upside. We are looking to buy on a break above the Wednesday highs. We won’t sell – there are at least 6 central banks lurking below.

Written by