The USD/JPY pair shot straight up during the session on Wednesday as we Yen continues to weaken across the board. This pair looks like it’s heading directly to the 84 handle, and the move has been significant and impressive. We see absolutely no reason to start selling this pair, and will buy on dips, as they appear. More than likely, we will have to buying is a shorter-term charts though, as the overall trend is parabolic in nature.
We still see the 80 handle as a bit of a floor at the moment, and because of this we will stay long of this market as long as we are above that level. As for selling, we have actually no plans to do so.
Written by FX Empire