USD/JPY Forecast August 5, 2013, Technical Analysis

The USD/JPY pair tried to rally during the session on Friday, but as you can see the 100 level offered far too much resistance in order to overcome. That being the case, we feel that this market is going to pull back for a minute, but in reality this is a “buy only” market for us. 98 could be supportive, and 95 most certainly will be. We are simply waiting for a supportive candle in order to start buying again, but do not have that on the chart right now. Watching the closing candle shape for the next several days is our plan.



Written by FX Empire