The USD/JPY pair shot straight up during the session on Tuesday in anticipation for the early Thursday morning Bank of Japan meeting. There should be some continuation of the ultra-dovish outlook by the central bank, and as a result we think that the market could have an opportunity to break above the 94.50 level that has been resistance so far. The real challenge of course will be the 95 handle, but ultimately there’s only one way to play this currency pair, and that is to buy it. Because of this, that’s all we will do and will continue to add to our position every time it dips and finds support.
Written by FX Empire