USD/JPY Technical Analysis September 29, 2011

USD/JPY continued to bounce around in the 100-pip range we have been watching on Wednesday. The pair is being watched by the Bank of Japan, and it should be obvious and well-known by now that they are willing to intervene if the market falls too far. Because of this, the 76 handle has been a floor lately, and we continue to like to buy scalping opportunities at that level, or at least as close as we can get to it. We think this pair will be range bound for the foreseeable future at this point.

Written by FX Empire