USD/JPY Technical Analysis September 8, 2011

USD/JPY continues to drift higher, even after falling initially during the Wednesday session. The pair fell from the 77.50 level all the way down to the 77 area. The 77 handle proves to be supportive again, and the market bounced. We don’t sell because of the Bank of Japan’s various intervention policies, but we do buy if we get a signal. For now, we are waiting to break the top of the Thursday candle in order to go long for about 150 pips or so.

Written by FX Empire