USD/JPY had a fairly quiet day again on Monday, with a slightly negative bias to it. The pair is still being held afloat in the 76 area, as traders simply haven’t been able to test the resolve of the Bank of Japan openly. The central bank is rumored to be clandestinely intervening around the area, so shorting isn’t advised. We would be interested in buying, but only on signs of strength, of which there haven’t been any lately.
Written by FX Empire