The USD/JPY pair had a negative session on Monday as the markets initially felt good about the weekend deal with Spain, but turned sour overall. The candle for the session ended up being a red one, but the range wasn’t all that large, suggesting that this pair will consolidate overall. The 80 level above has to be broken to the upside on a daily close in order for us to get long of this pair, and at the moment, it looks like the pair will struggle. The selling of this pair will be difficult at the moment as the Bank of Japan is currently working against the value of the Yen. With all of this being said, we are looking to buy – but need to see that break of 80 first.
Written by FX Empire