The USD/JPY pair fell during the session on Thursday, but remained above the 77.50 level. This market is currently being buoyed by the Bank of Japan, and as such we are not willing to sell it. Yes, we do see the bearishness in this chart, but aren’t willing to try and dance with the central bank.
We are currently waiting to see some type of supportive candle in which to start buying this pair again, but we do see that the 79 handle is resistance as well. In other words, although we know that there is a trade in this pair coming sooner or later, we aren’t overly impressed nor do we feel rushed to be in it at the moment.
Written by FX Empire