The USD/JPY pair fell on Wednesday as traders continued to dump the USD in general. The markets were choppy during the session, but the events in Europe are still leading the charge as far as direction overall. The markets are very weak, and continue to get whipped around with every little piece of news coming out of the EU. This pair is in its own world though, and is being supported by the Bank of Japan. The 76 level seems to be their “line in the sand” and it appears that quick scalps from that level to the upside are the way to go until we happen to close on the daily chart below it.
Written by FX Empire