USD/JPY Forecast April 3, 2012, Technical Analysis

The USD/JPY pair had a rough day on Monday as the bears sold this pair off. The resulting candle is a long red one, and it is sitting right on the 0.82 support level. The pair looks weak at this point, but the area it is sitting in is significant support. We like buying this pair only, and will do so on supportive candles. We are at the right spot, but we haven’t seen the right candle yet. We also like buying at the 80 handle as well, so supportive candles at that point will be bought as well. Selling isn’t an option until sub-80 on a daily close.

USD/JPY Forecast April 3, 2012, Technical Analysis

Written by FX Empire