The USD/JPY pair fell during the session on Monday, but remained above the 98 handle. We believe the 98 will be supportive, based upon the recent reactions that we have seen there over and over. Even if we get below that level, we think that the market will struggle to get below the 95 handle, where there is a significant support as well. This is a “buy only” pair as the Bank of Japan continues to work against the value of the Yen. On the other hand, if there is a supportive candle somewhere in this general vicinity, we are more than willing to start buying.
Written by FX Empire