The USD/JPY pair fell during the session on Monday, as traders took profits. The market has been a short nearly stronger the last couple of sessions, and as such a rest or even a pullback really wouldn’t be overly surprising. Nothing has changed in this pair however, and it does look like a buy only type of situation. With this being said, we like supportive pullbacks that show candles that react properly. For example, if we get down to the 81 handle, a hammer would be ideal at that point in time as it would show an attempt to break down, yet a failure. First sign that we get like that, we are buying again.
Written by FX Empire