USD/JPY fell during most of the session on Thursday, only to bounce again in the end. The rumors are flying out of the EU and the markets are rocking back and forth because of this. The USD/JPY pair has had massive pressure to the downside on it, and the Bank of Japan has been the sole reason this pair would stay above the 75 handle. With this in mind, it is hard to hold onto short positions in this market below the 76 handle. The buying of this pair is very difficult to do at least until we get above the all-important 80 handle. The market is a “sell only” one at the moment, but only for short-term moves.
Written by FX Empire