USD/JPY continues to grind higher on Wednesday as the market takes the recent admission of the Bank of Japan to intervening in the markets recently. The 77 handle is resistive and in the middle of recent consolidation, and could continue to fight the bulls in this pair. We don’t like buying or selling at this point, as we see a bit of a “no man’s land” situation in this area. The Bank of Japan is below, and we would like to buy on a dip – but we would like to see a new low first. As for buying, we don’t buy into resistance.
Written by FX Empire