The US dollar did very little against the Japanese yen during the session on Thursday, as the 110.50 region is very noisy. Even more importantly, the 111 level above is resistance, and we need to break above there before the market can continue the uptrend. I think short-term pullbacks will be buying opportunities, unless we break down below the 110 handle, which would be a very negative sign. Keep in mind that the Japanese yen tends to strengthen and times of concern, so if we have a sudden “risk off” event, this pair will roll over.
Written by FX Empire