The USD/JPY pair fell during the session on Wednesday, but as you can see by the end of the session bounced enough to form a hammer. This is the second hammer in a row, and that almost always means good things. If we can get above the highs for the session on Wednesday, we will be adding to a long position already and aiming for the 100 handle. Ultimately, we think this pair goes much higher as you know, and therefore only by the US dollar and sell the Japanese yen. There is absolutely no scenario in which we start shorting this pair.
Written by FX Empire