The USD/JPY pair tried to rally during the session on Thursday, but as you can see the market fell apart and the pair ended up below the 98 handle. That being the case, we have a big massive shooting star, and as a result it looks like the market is ready to continue to grind lower. This would’ve been predicated more or less on weaker than anticipated US data, so expect this move the last for at least a few sessions. However, we see significant support at 96 and most certainly at 95, so this downside move should be somewhat limited.
Written by FX Empire