USD/JPY fell for the session, but didn’t manage to close below the bottom of the doji from Tuesday. The pair still looks healthy, and the fact that the pair managed to bounce from the 82.50 level suggests that we could see another attempt to push this pair higher. The Bank of Japan will continue to buy Japanese Government Bonds, and as a result the Yen should continue to weaken overall. The pair is a “buy on the dips” situation for us now, and will continue to be until we close below the 80 mark on the daily chart. The pair is one we will look to 4 hour charts for signals as well as the dailies, as we have so much conviction in this market.
Written by FX Empire