The pair has bounced significantly after the Japanese Finance Ministry intervention to curb the Yen strengh.
The key 80,00 level has been quickly reached but we did see the market immediately rolling-over ahead of this resistance with market paticipants taking their profit after a 300 pips rally.
From this point, we might see the market consolidating while digesting the latest BoJ intervention. There is a clear bullish momentum but we have to be carefull as the Yen has proven to reverse its course everytime the Central Banks intervenes.
It is worth noting that the long term remains bearish and the reversal will have to be confirmed over the coming sessions.
Provided by atf-forex-trading.com