The USD/JPY pair barely moved during the session on Monday, as the market simply sat still. In fact, none of the yen related pairs did much, so this of course would never been much of a surprise. We find ourselves fairly close to the 94 handle, which of course has been significant resistance lately. Going forward though, we believe that the Bank of Japan will eventually get its wish, which of course is a much weaker Yen. Because of this, we buy pullbacks in this pair, and would certainly get very aggressively long above the 95 handle.
Written by FX Empire