The USD/JPY pair initially rallied on Monday, but turned around to form a shooting star. The shooting star suggests that we are in a pullback, but I think there is plenty of support below to keep me from selling. I think that the 112.50 level will be massively supportive, and a supportive candle on a dip is reason enough to go long. If we break above the top of the shooting star, that’s also a very bullish sign and would have this market going much higher. I have no interest in selling this market at all, the yen is simply far too weak.
Written by FX Empire