The USD/JPY pair bounced off the 117 level to continue the uptrend on Tuesday as traders came back from the Christmas holiday. We have broken the downtrend line of a descending triangle, so this shows that there is bullish pressure underneath. I have a longer-term target of 120 in this market, and look a pullback sounds value going forward. I believe there is a “hard floor” at the 115 level, so if we stay above their, I believe that the buyers will continue to come back to this market repeatedly as the Japanese and is getting absolutely pummeled over the longer-term.
Written by FX Empire