USD/JPY Technical Analysis September 22, 2011

USD/JPY fell during the early part of the Wednesday session, but rebounded in the later hours as the Fed had an announcement that quite frankly – wasn’t all that optimistic. The pair also had a strange spike just above the 76 handle in Asia, and a lot of traders are speculating that there was a small push or budge by the Bank of Japan. We have been saying selling this pair is going to be difficult, and with the action on Wednesday, it is becoming more and clearer this pair is a buy only one – someday.

Written by FX Empire