USD/JPY had a fairly quiet day, albeit negative on Wednesday. The pair continues to grind lower every time it rises, and this latest sequence of trading days does nothing to suggest this will change anytime soon. The pair is to be sold only, and on rallies if possible. The Bank of Japan is intervening in this pair from time to time, but at levels lower than here, namely the 75 – 76 area. Because of this, we continue to be short of this pair for another 100 pips or so.
Written by FX Empire