The USD/JPY pair went back and forth during the session on Wednesday, testing the 95 handle for support again, and testing the 97 level for resistance. In the end, we had very little change from the previous session, but it certainly was volatile enough. We still expect the 95 handle to be very supportive, and as a result are buying dips going forward. We expect choppy conditions though, and as a result this pair, much like many other pairs at the moment, is very volatile. We will not sell this pair though, simply because of the Bank of Japan being involved.
Written by FX Empire