USD/JPY fell for most of the session on Monday, but bounced during the day as the 82 handle held as support. The 50, 100, and 200 day EMAs all point higher, and the market has also cleared a major resistance area in the 80 handle as well as a massive trend line lately. This suggests to us a trend change, and we are playing this pair as such. In fact, we are already long, and will be looking to add to our positions as we think 85 will more than likely be seen soon.
Written by FX Empire