USD/JPY rose on Friday as traders continue the back and forth dance with the Bank of Japan at the 76 handle. The pair can’t be sold, as the area is certainly being watched and possibly protected by the BoJ at this point. However, most buying opportunities seem to be of the scalping variety, and as such – we only recommend short-term trades at this point to the upside. It seems that every time we get down to 76, the pair wants to rise about 80 pips. Because of this, a small scalp is possible from the lower levels until they are breeched. Selling just isn’t advised until the Bank of Japan gets out of the way.
Written by FX Empire