The USD/JPY pair fell hard on Monday as the risk appetite around the world fell overall. The Yen gained against many of the major currencies around the world as traders stepped back their “risky bets.” The 80 level continued to be the focus of this pair, and it looks as if we are still banging around in the consolidation area between 79.50 and 80.50. This sets up as an obvious buy signal if we can get above the top of the range, but selling isn’t something we are willing to do as the Bank of Japan is so interesting in sinking the value of the Yen. With all things being equal – we want to buy this pair above the 80.50 level on a daily close.
Written by FX Empire