The USD/JPY pair initially fell on Wednesday but found enough support underneath to turn things back around and form a hammer. That suggests that we are going to continue to go higher, perhaps reaching towards the 120 handle. I believe that the 115 level below continues to be the “floor” in this market, and because of this I have no interest in shorting this market. Given enough time, I think the longer-term uptrend will continue but with the lack of volume I suspect that the next several days will be very quiet at best. I am a buyer, and have no interest in selling.
Written by FX Empire