The USD/JPY pair fell for much of the later hours in the Friday session, but managed to bounce from the 50% Fibonacci level. The bounce suggests that we have had enough of a pullback from this latest surge, and that we could see higher rates. The candle for the session is a doji, so a break above the top of the Friday range sends us into the markets to add to our already long positions. Selling isn’t possible until we close below the 80 level on the daily charts. We believe in the long term bullishness of this pair, and will continue to buy over time.
Written by FX Empire