The USD/JPY pair both rose and fell during the session on Wednesday as the market continues to try and find support in this general vicinity. The area below is almost on certainly been manipulated by the Bank of Japan at the moment and as such we are not sellers of this market. Also, we feel that there is a tremendous amount of pressure to the downside as well. Because of this, we think we will essentially be stuck in a range between current levels and the 79 handle.
Because of this, we feel that perhaps taking short-term positions based upon the area in the immediate vicinity been support could be one way to play this market. We also see that 79 will more than likely be overly resistive, and certainly 80 will. Because of this, we think that this market will continue to be choppy and a short-term traders playground.
Written by FX Empire