USD/JPY Forecast October 22, 2012, Technical Analysis

The USD/JPY pair did very little during the session on Friday, as the rest of the markets rocking back and forth in a “risk off” type of move. The fact is that we are getting close to the 80 handle, and this is an area of massive resistance. In fact, we also see the 79.50 is been the beginning of that level or it with this being said, the neutral candle on Friday could be the signal that we are running out of steam, and will continue to fall back into consolidation. It is because of this, that we are more than willing to start selling a break of the Friday lows. As for buying, it will be difficult to do until we clear the 80 handle on a daily close decisively.


Written by FX Empire