USD/JPY Forecast July 8, 2013, Technical Analysis

The USD/JPY pair initially fell during the session on Friday, but you can see that the 100 level offered enough support in order to push the market higher. We eventually closed above the 101 handle, based mainly upon the fact that the nonfarm payroll number came out much higher than anticipated. The United States increased the Johnstown by 195,000 during the month of June, and as a result the interest rate differential between the two countries expanded even further. That being the case, now looks like we have broken out, and quite frankly we are perfectly comfortable buying this pair right here.



Written by FX Empire