The USD/JPY pair fell hard during the session on Tuesday, reaffirming the resistance at the 100 handle. However, this market is still a “buy only” market, simply because of the Bank of Japan and its anti-yen policies. With that being the case, we are simply going to wait until we get some type of supportive candle, and then start buying again. At this point time though, there are no signs of that, and as a result we simply are staying away from the Japanese yen at the moment. However, the alternative scenario of course is to close on a daily chart above the 100 handle, which would probably be enough to have a start buying again as well.
Written by FX Empire