USD/JPY rose a bit on Wednesday, but continues to be pressured to the downside overall in this market. The Bank of Japan has intervened several times in this pair, but at much lower levels. Because of this, we prefer selling at these higher levels, and will continue to do so until we see a daily close above the 0.8000 level. The pair looks very strong lately, but overall – this pair is very bearish.
Written by FX Empire