The USD/JPY pair fell initially during the session on Monday, only to bounce again and close out the session just below the 80 handle. It is one of the most interesting areas in the Forex markets at the moment, and we feel that overall there should be plenty of support here.
The 50% Fibonacci level is just above, and the 200 day EMA is just below. With this being said, we prefer to go long. The selling of this pair only invites intervention and as a result we only buy this market on signs of support. We would buy a close above the 80.50 level as it would show strengthening momentum to the upside.
Written by FX Empire