The USD/JPY pair fell during the session on Friday as the risk off trade came back. The pair did manage to hold above the 82 level, and this is a good sign for the bulls. The hammer that was printed isn’t necessarily the most attractive one, but it is at the right place. It is now obvious that the 82 handle is becoming more and more important. The breakout that we have seen recently suggests to us that the Yen will continue to weaken, and the chart shows no real change in that thesis. We are buying this pair on dips as long as we are above the 80 handle. Selling isn’t a thought at the moment.
Written by FX Empire