The USD/JPY pair fell for the session on Thursday as the pair is essentially stuck between the 0.79 and 0.8050 levels, and is simply looking for some kind of direction to follow. The Bank of Japan is sitting below, and will not hesitate to intervene if the pair falls too much. The bank has been actively working against the Yen over several months, and the bottom in this market could be put in for the time being as a result. The pair will have to be bought only by us, but we cannot do it at the moment until we break above the 80.50 level on a daily close.
Written by FX Empire