USD/JPY had a quiet day on Friday as traders weren’t necessarily feeling very risky. The Yen and Dollar both enjoy safety trade status, and as a result this pair sat still. The Bank of Japan has acknowledged operating in the currency markets recently, and keeping the pair up. The market has reacted positively from there, and the market has been bullish. However, the 78.50 level looks resistive, and we think a pullback could happen. The 80 level is the ultimate resistance level in this pair, so we in general like selling these rallies. The closer we get to 78.50, the more likely we are to sell.
Written by FX Empire