The USD/JPY pair fell hard during the session on Friday, as the nonfarm payroll number came out lighter than expected. However, the 99 handle did offer support, and we believe that the real action will be had after the Federal Reserve finally makes its tapering decision known later this week. Because of this, we feel that this market will more than likely be supported eventually, you will have to be very careful until that decision is made. Going forward though, we do believe that this pair ultimately goes higher as the Bank of Japan will continue to work against the value of the yen.
Written by FX Empire