USD/JPY Technical Analysis September 12, 2011

The USD/JPY fell after first rising during the Friday session to form a hammer just above the all-important 77 handle. Because of this, we are getting more and more interested in perhaps going long this pair. The world is buying USD, and the Bank of Japan is fairly active in fighting the ascension of its currency. Because of this, we expect this pair to continue to rise, albeit in a fairly tight and grinding manner. 79-80 is massive resistance.

Written by FX Empire