USD/JPY Technical Analysis September 1, 2011

The USD/JPY pair fell on Wednesday, yet managed a nice bounce in the latter hours of the session. The candle for the day printed as a hammer, and just above the 76 level. The market is supported by the Bank of Japan, so a fall from here would more than likely get the central bank involved. Because of that fact, we don’t sell this pair. We are looking for a reason to buy – but we need to see the 78 handle come into play in order to do that. In the mean time, this could be a good pair to scalp.

Written by FX Empire