USD/JPY rose during the Monday session as the Dollar caught a bid against almost everything in the markets. The pair continues to have massive pressure on it though, and as long as the 80 level still seems too strong – we don’t like buying unless we are much lower. This is mainly because of the Bank of Japan and its intervention near the 76 level. The pair looks to have made a higher low now, and with that in mind, we are looking to short this pair at higher levels. However, we will have to see the market show us weakness at higher levels in order to start selling again.
Written by FX Empire