USD/JPY Forecast February 21, 2013, Technical Analysis

The USD/JPY pair went back and forth during the session on Wednesday, essentially ending up where it started. The market is currently attractive to the 93.50 level, and after the FMOC minutes been released, this market went back and forth, as traders try to understand whether or not the Federal Reserve is going to cut back on asset purchases. Nonetheless, we feel that a pullback could be coming in the near-term which should be a nice buying opportunity. We will buy supportive candles and believe that the 90 handle is the “floor” in this market going forward. As for selling, we will not do it.



Written by FX Empire