The USD/JPY pair fell rather drastically during the session on Friday, but as you can see the 95 handle held firm, and as a result we bounced high enough to form a massive hammer. This hammer is essentially “perfect”, and as a result of that we are very bullish of this pair once again. We think that a lot of the “weak hands” have been flushed out his market now, and a break of the highs from the Friday session signals more buying of this pair. There will be some choppy areas above, but we fully expect to see this market reach for the highs yet again now.
Written by FX Empire