USD/JPY Forecast April 23, 2012, Technical Analysis

The USD/JPY pair fell slightly for the session on Friday as the Dollar got hit all around. The Japanese are still printing Yen, and the pullback of this pair wouldn’t be a big surprise as the USD is being beat up everywhere at the moment. However, the Yen is going to be weakened by the Bank of Japan, and in the end the BoJ will get what it wants. We buy dips, and supportive candles as long as we are above the 80 handle. Going forward, a run to 85 is our thought.

Written by FX Empire