The USD/JPY pair rose during the session Wednesday, breaking well above the 100 handle. On top of that, we broke the top of the shooting star from the previous session, so it looks like this market is ready to try and pick up steam again. This is predicated mainly upon the fact that the markets are worried about the Federal Reserve tapering off of quantitative easing again, based upon stronger than expected economic numbers during the session. Nonetheless, the Bank of Japan is working against the value of the Yen anyway, so this has always been a “buy only” pair for us anyway.
Written by FX Empire