The USD/JPY sold off during the session on Friday, but as you can see we closed above the 100 handle. The 100 handle was the top of a significant ascending triangle that sent this market much higher. We are watching this market now that we are testing that former resistance area for support, considering that we are seeing this in several Yen pairs. Classic technical analysis suggests that this should be extraordinarily supportive area, so we are willing to buy on signs of support. We certainly wouldn’t sell, the Bank of Japan will make sure of that.
Written by FX Empire