USD/JPY fell for the session on Thursday as the Dollar lost against most major currencies. The pullback is long overdue, and the 80 level always looked as if it could give the bullish momentum issues. The pair is overbought by any metric, and as a result, we think that the pair should continue to fall at this point. In order to be comfortable shorting it though, we need to see a move below the 79.50 support cluster. If not, we may continue to climb – but this move has been parabolic and we like to see these moves fall to collect more buyers before getting involved.
Written by FX Empire