USD/JPY Bullish Outlook, August 09, 2011 (Daily Strategy)

USD/JPY

The technical picture of the dollar-Japanese yen reflects the pair rebounded following the intervention, but quickly ran into resistance level (former support significant) 80.25.

The Japanese Finance Minister announced that the Bank of Japan could continue to take measures that aim to accelerate the recovery of the local economy., So any decrease in the price of the pair represents a better opportunity to take long position with a horizon upward to the high levels of resistance to 80.30 Japanese yen per dollar.