The USD/JPY pair fell during the session after gapping lower on Monday, but as you can see spent the rest the day trying to go higher. If we can get above the top of the hammer, we think that there is a fair chance that we had back towards the 100 handle. Alternately, we like buying this pair, but do recognize the fact that we are essentially in a consolidation phase at the moment, so we do not expect a whole lot to come out of it. Once the Federal Reserve makes its decision on tapering though, this will be the market to be involved in.
Written by FX Empire