The USD/JPY pair fell during the session on Friday, slamming into the 98 handle. At the 98 level we see quite a bit of support though, so it doesn’t surprise us that we could not get through there. Even if we do, this is a “buy only pair”, meaning that no matter what happens, we are not selling it. This is mainly because of the Bank of Japan, and the fact that it is working so feverishly against the value the Yen. That being said, we think that 95 is the “floor” in the market, and we are buying any supportive candle between here and there.
Written by FX Empire