The USD/JPY pair went back and forth during the session on Wednesday, but found the 98.25 level before too resistant to close above. The resulting candle is somewhat neutral, although it does have a slightly positive close to it. In other words, it doesn’t really answer any serious questions at the end of the day. On a break above the highest from the session, we would think that this market should continue higher and would be buyers, just as we have been over the longer term. As for selling is concerned, as long as the Bank of Japan is involved, we simply cannot do so.
Written by FX Empire