The USD/JPY pair went back and forth during the session on Wednesday, essentially bouncing between the 95 and the 94 handles. This area below seems to be rather supportive, so we think that a move above the 95 handle is in fact a decent buy signal at this point. Obviously, we know that the Bank of Japan is trying to weaken the Yen overall, and all things being equal, this pair should continue higher. With that being the case, we are buying the dips as well, as well as a breakout above the 95 level. We see aptly no situation where we would be selling this pair.
Written by FX Empire