If you have been watching our videos, you know that we are already long of this pair. The Thursday action was a bit weak, but after the move upwards, this pullback is minor at best. The Bank of Japan continues to buy massive amounts of JGBs, and this is akin to printing Yen. The pair should continue to rise overall, and as a result we like buying pullbacks on signs of support going forward. We still think 85 is seen soon, and if that level gives way we head to 90. We will not sell this pair at all now.
Written by FX Empire