USD/JPY Forecast October 26, 2012, Technical Analysis

The USD/JPY pair shot straight up during the session on Thursday as the bullishness in this market continues. In fact, it is the first time that we have closed over the 80 handle and quite some time. This is a significant break out, and if we can get above the 80.50 level, we would have a clear path all the way to the 84 level.

With the Bank of Japan below and ready to continue to ease its monetary policy, it would make sense of this market continues to go higher. Again though, if we can get above 80.50, we would be long of this market. If you are not long of the market presently, it would be chasing the trade to simply do it right now. If we fall lower, especially below the 79.50 level, we would short but take our profit somewhere near the 78 handle.

 

USD/JPY Forecast October 26, 2012, Technical Analysis

Written by FX Empire