The USD/JPY pair rose during the Friday session as the Yen weakened overall. The 80 level looks very resistive overall, and the top of this resistance level is the 80.50 spot. A break above that would have this pair gaining for a bigger move, and this is what we are willing to buy on. As for selling, we cannot think of a reason to do so as the Bank of Japan has been so supportive of this market. Until we get this market above the 80.50 level, we think that we cannot do much until then.
Written by FX Empire