The USD/JPY pair did absolutely nothing during the Friday session as the markets had low volume. The pair is currently sitting right at the 200 day exponential moving average, and as a result seems fairly balanced at this point.
The 80 level just above is the beginning of serious support, and as a result we aren’t selling. The Bank of Japan is sitting below, and we aren’t willing to sell as a result of this. They have already shown how willing they are to intervene, and because of this we are trying to find a buy signal. A break above the recent consolidation area at 80.60 would have us buying.
Written by FX Empire