USD / JPY Technical Forex Analysis for Forex Traders

All the major Yen pairs jumped together during the Asian session, gaining more than 2.5% each, which fueled speculation that the Japs have done it! Shortly after that, in a quickly arranged news conference, finance minister(Noda) confirmed it and said: “yes, we have intervened”! Finally ladies & gentlemen, here is your long awaited intervention. The Japanese authorities have had it after they saw 82 appears on the screens for the first time since1995. A lot of people would now argue that this is not the time for technical analysis, but the intervention only takes a short period of time to be completed, then things go back into the hands of the market powers. This intervention has caused the price to break the falling trend line from June 4th top on the hourly chart, which resulted in reaching 85. Now, this surge has a huge barrier in front of it, which is 85.89! This is where the falling trend line from May 5th top is running currently. If broken, the price will fly, targeting 86.81 & 87.56. On the other hand, the support is at 84.25, and if broken we will drop to the important 83.73, then 82.87.

Support:

• 84.25: Fibonacci 38.2% for the short term.

• 83.73: Fibonacci 61.8% for the short term.

• 82.87: Sep 14th low, and the low for the last 15 years.

Resistance:

• 85.89: the falling trend line from May 5th top on the daily chart

• 86.95: Jul 1st low.

• 87.56: Jul 20th high.