The strong rise in the USD/JPY on Friday was certainly impressive, and many traders would probably feel fairly good about buying this pair at the moment as the Dollar is quickly becoming the currency to own overall. However, the Yen is also considered a safety currency as well, and the 0.80 level above is going to continue to serve as massive resistance going forward. With this in mind, we look for rallies to sell until that level is overcome. We could see more runs to the USD in the short-term, and as a result, we think we can short from higher up if we are patient.
Written by FX Empire