The USD/JPY pair had a slightly bearish session on Tuesday as the market continues to grind sideways. This pair is going to be heavily influenced by the Friday Non-Farms Payroll report, so consolidation is probably going to be the way this pair acts over the next several days. The 80.60 level above still looks highly resistive, and the 79 level below looks rather supportive. Adding to the analysis is the fact that the Bank of Japan has intervened just below a couple of times, so we really only are looking to buy and not sell. On a good jobs number, we may finally breakout of this funk this pair has been in. Otherwise, we are sitting still.
Written by FX Empire