USD/JPY Technical Analysis October 3, 2011

USD/JPY rose on Friday as the markets around the world sold off. The USD/JPY is being lifted by the Bank of Japan, and as a result we haven’t been able to sell this pair for quite some time. The range between 76 and 78 seems to be the “boundaries” of the marketplace, and with the move upwards, we actually think we are getting closer to the top of the range than the bottom. We would be sellers of rallies, but only if they show some kind of resistive candle at this point.

Written by FX Empire