USD/JPY had another bullish session on Thursday as the US dollar managed to eke out some gains against the Japanese yen. The general attitude of the session was “risk on”, and as such this pair rose.
The Bank of Japan is presently supporting this pair, and we see quite a bit of support down towards the 77.50 level. Alternately, we see some of resistance at the 80 handle, and more pressingly the 79 handle.
We think that we are getting towards the top of the overall consolidation area, and as such would look to fade any type of weak candles that show up right around the 79 handle. We certainly become even more interested at the 80 handle. However, we see that all trades that could, but this point time in this market are of the short-term nature, and nothing more permanent.
Written by FX Empire