The USD/JPY pair fell during the day on Friday to continue the move towards the 108 handle. Short-term rally should continue to be selling opportunities as we have broken below the 50% Fibonacci retracement level, and now are getting ready to see the 50 day exponential moving average cross below the 100 exponential moving average. If we break down below the 108 handle, the market will then more than likely go looking for the 105 level after that. I have no interest in buying short-term, but will be looking at the weekly charts for guidance on a potential turn around.
Written by FX Empire