USD/JPY Technical Analysis September 2, 2011

The USD/JPY pair rose quite a bit on Thursday, but only to fall again in later trading. The 77 level is now turning into significant resistance at this point, and should keep a bit of a cap on the market in the coming days. The bears are more in control, but the Bank of Japan is waiting to intervene in the market if prices get too low. Something has to give – but we haven’t seen it yet. Sitting on our hands is the way to go in this pair for the time being.

Written by FX Empire