The USD/JPY pair had a very strong session during the Wednesday trading hours as the market climbed yet again. In fact, we broke above the top of the shooting star that was formed on Tuesday that should have been a continuation signal. This is a very strong sign, and as a result we could see follow through on this move. Nonetheless, we could see the 85 handle being tested over the short-term as it is the gap that hasn’t been filled. Because of this, we are still waiting for some type of significant pullback in this market in order to get involved. It’s move quite a ways and just a short amount of time, and a pullback will not only be healthy, but it will allow other traders to get involved in what should be a buy-and-hold market.
Written by FX Empire