The USD/JPY pair continued to stall at current levels during the Friday session, even as the market looks fairly parabolic. The pair continues to get a boost from the Bank of Japan and its bond buyback program that will print Yen in massive amounts. In fact, this recent action has been a bit of a trend change in our minds, and as long as the pair is over the 80 level, we are buying it only. The last couple of sessions has seen a small pullback, but mainly sideways action. This could be leading up to another leg up, and as such we are buying supportive candles as the pair pulls back. We see support at the 83, 82, 81, and even the 80 levels. We will not sell at this point, and expect the next serious resistance level to be the 85 handle.
Written by FX Empire