The USD/JPY pair did very little during the session on Thursday, as the support continues to build in this market. We did gain overall, but it wasn’t necessarily a strong move. The candle fairly neutral, but it is preceded by to hammer, which of course makes for a supportive looking zone. Looking at this chart, it doesn’t take much imagination to see the potential of a move up to the 94.50 level, and because of this we think that more consolidation could be coming. This naturally leads to a higher rate as we are at the bottom of that range, so we are buying on a break higher.
Written by FX Empire