USD/JPY Forecast July 10, 2013, Technical Analysis

The USD/JPY pair had a slightly positive session on Tuesday, but as you can see the 101 handle seems to be a magnet for price. It isn’t exactly impressive candle wise, so we think that a little bit of a pullback is probably coming. We still think that the 100 handle should offer a nice support, and as a result would be very quick to buy a supportive candle near that level. On the other hand, if we managed to break the highs of the Tuesday session, we think that’s enough to take an attempt at a long position, simply because this is a “buy only” pair.

Written by FX Empire