The USD/JPY pair fell during the session on Friday as the risk appetite fell around the world. The 80 handle continues offer significant resistance, and we could not get above the all-important 80.50 level. If that level were to give way, this pair would absolutely skyrocket. However, it looks like we are getting ready to fall again as the overall long-term consolidation continues.
We see support down near the 79 handle, and would be buyers on a supportive candle in that general vicinity. Nonetheless, if we do find consolidation in this area going forward, we will simply stay put.
Written by FX Empire