USD/JPY Technical Analysis for July 19, 2011

The USD/JPY had a fairly quiet day on Monday as traders sold risk, but did not get involved in this pair. The prevailing consensus is that the central banks are obviously watching this pair intently, and as such – any big move down could trigger intervention. Because of this, we don’t want to be involved in this market to the downside, and are looking for a reason to buy. We haven’t found it yet though.

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Forex Mansion