USD/JPY Forecast October 31, 2012, Technical Analysis

The USD/JPY pair fell after initially rising during the Tuesday session. The resulting candle was a shooting star, and this does look like we are getting ready to can continue with the downward pressure that we solve on Friday. If we managed to break down below the 79.40 level, we feel that 78 will be targeted right away. Beyond that, we feel that the 77.50 level will end up being massively supportive as well. The Bank of Japan has been defending that general vicinity, and we see absolutely no reason to think they will stop now.


Written by FX Empire