The USD/JPY pair fell during the majority of the session on Wednesday, even managing to dip down to the 99 handle. However, we bounced back towards the 100 handle, and formed a candle the does in fact suggest that there is quite a bit of support in this general vicinity. We ultimately believe that this market will continue to climb, and with the nonfarm payroll number coming on Friday, we also think that that announcement will have a massive effect on this market. Also, do not forget that the Americans are celebrating Independence Day today, so markets will be very illiquid during that timeframe.
Written by FX Empire