USD/JPY Technical Analysis July 28, 2011

USD/JPY had a hard fall at the beginning of the Wednesday session, but then bounced just as hard as the market rose again. This formed a hammer on the daily chart, and this could be the start of a bounce. The central banks are watching and intervened just below, and as such – this could be a decent place to attempt a buy position if we can break the highs of Wednesday. Of course, it is counter trend, and as such – the action can be quite choppy even if it does go your way on a long.

Written by FX Empire