USD/JPY Forecast April 18, 2012, Technical Analysis

The USD/JPY pair rose for the session as the 80 level is perhaps influencing the market from just below. The 80 handle is without a doubt the most important level in the immediate area, and as long as it holds up, there is a bullish case to be made in this market. 

The 200 day EMA is just below the current consolidation area, and as a result we feel especially strong about the support in the area. Also, the 50% Fibonacci level is just a few pips above 80, so we think that the likelihood is that the level will hold as support. With this in mind, we are buying pullbacks on the short-term charts.

USD/JPY Forecast April 18, 2012, Technical Analysis

Written by FX Empire