USD/JPY had a fairly quiet session on Thursday as the pair continues to bump along the bottom of a consolidation area. The 76.50 area should continue to offer support, and the Bank of Japan is below waiting to pounce in the form of intervention if things go poorly. The pair is being artificially lifted obviously, but the truth is that we cannot work against the central banks. The pair is a possible buy at lower levels, but in the mean time – we are avoiding it again.
Written by FX Empire