The USD/JPY pair fell for a significant part of the Thursday session as the markets were weak for a large part of the day. The 50% Fibonacci has returned into the fold as support though, and as a result we are starting to see the 82 level is a massive support area for the short-term. The trend is most decidedly up lately, and as a result we are simply looking to buy this pair. We like the idea of being long on a break of the top of the session’s range. The pair is a longer-term buy and hold market now for us as the Bank of Japan is buying so many JGBs to bring the value of the Yen down.
Written by FX Empire