The USD/JPY pair went back and forth during the session on Thursday, and even broke above the 98.25 resistance level at one point during the day. However, that area has proved to be too resistive, and we formed a very neutral looking candle. All things being equal, we are still very bullish of this pair overall, as the Bank of Japan is certainly going to work against the value of the Yen. Because of this, we are looking for supportive signs on this chart, as well as shorter time frames. Because of this, we think that this will be a market that offers plenty of buying opportunities, but a pullback does look very possible at this point.
Written by FX Empire