The USD/JPY pair fell initially during the session on Friday, but as you can see found enough support at the 104 level to bounce and form a nice-looking hammer. This only reinforces our idea that this market is going to continue going higher over the longer term, and that any point in time that the market dips, it is a buy. We believe ultimately that the pair will go to the 110 level, given enough time. We are buyers and not sellers, and believe that a break above the 105.25 level signals the next leg higher.
Written by FX Empire