USD/JPY Technical Analysis September 16, 2011

The USD/JPY pair originally shot up during the Thursday session, but quickly retreated as the word got out that 5 central banks are increasing the available Dollars for banks to lend each other in Europe. Because of this, the USD got sold off in various other markets, and in turn it sank in this market. We still see 76 as a massive support barrier, and don’t sell because of it. The market isn’t sellable, and as such – we are looking for supportive candles. The Bank of Japan will certainly be aware of any breaking down in this pair, and will intervene if the pair falls too far.

Written by FX Empire