The USD/JPY pair did very little during the session on Friday as the markets are stuck between the 78 and 80 levels. The market is still a “buy only” for us, and because of this we are waiting to get a buy signal. The Bank of Japan is below us, and willing to intervene as they have shown in the recent past. The 78 level is where the BoJ seems to get uncomfortable, so we are willing to buy a supportive candle in that area. A break above the 80.50 level would also have us buying this market as well, as it shows a swing in momentum.
Written by FX Empire