The USD/JPY went back and forth during the session on Monday, but remained underneath the 100 level. This candle doesn’t necessarily say much rather than the market wanting to breakout, but simply cannot do so quite yet. If we can get a daily close above the 100 handle, at that point time we think this market would continue higher, probably reaching towards the 103.50 handle which was the most recent high. If this pair pullback, we will be looking for supportive candles in order to go long in this market that is obviously a “buy only” market.
Written by FX Empire