The USD/JPY pair fell during the session again on Thursday, but as you can see found enough support in the region of the 95 handle in order to pop back over it. In fact, it should 94 to be extraordinarily supportive, and we have now formed a nice looking hammer. Because of this, we believe that a break above the highs of the hammer for the Thursday session is a nice buying signal and we will more than likely try to reach the 99 handle over the next several sessions. The Yen is definitely overvalued at this point, and as a result we should continue to see bullishness on that a break.
Written by FX Empire