Forex4you Technical Analysis 27 Feb 2012

USD/JPY: Technical Analysis

The pair ascended higher than expected. Having tested 81.60/70 levels, the price pulled back down. Trading is currently carried out at 80.80/90. Most indicators are "bullish", although MACD divergence has formed, so it's now weakening, giving enough reasons to consider present decline as the beginning of a long-term and deep large-scale correction. A pullback has all chances to continue down to 79.90/60 support or even lower, to 79.00. Deeper decline will indicate weakening "bullish" potential.

Analysis by: Arkady Nagiev
                    Forex4you analyst

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