The USD/JPY pair fell during the Friday session as the profit taking continued. However, we have a lot of support at the 90 level, so the pullback will more than likely be short-lived at best. In fact, we like buying the pair at the 90 handle, and on signs of support. We believe that the breakout is the “real deal”, and as a result believe that a buy-and-hold strategy will continue to bring rewards. As far as selling is concerned, we have aptly no interest in doing so as the Bank of Japan is sitting below and ready to intervene if the pair falls to quickly.
Written by FX Empire