The USD/JPY pair tried to rally during the Friday session, but pulled bank and formed a shooting star. This shooting star signifies to us that we are about to continue to consolidate, and therefore a little bit of weakness wouldn’t surprise us. However, we do not think any type of drastic fall, so shorting should only be done by the experience short-term trader. If we managed to break above the top of the shooting star for the session on Friday though, we think that would be an excellent buying opportunity as it would show a real breakout of resistance.
Written by FX Empire