The USD/JPY a pair tried to fall during the session on Monday, but as you can see bounced slightly to close around the 98.50 level. This area of course has been supportive in the past, and therefore we feel that the market will more than likely go higher from here. Ultimately, we feel that this market is going higher over time anyway, and because of that we are buyers only. On a move above the 99 handle, we would go ahead and start buying, and have absolutely no interest in selling this market as it has been influenced heavily by the Bank of Japan.
Written by FX Empire