The USD/JPY pair went back and forth during the session on Tuesday, essentially going nowhere in the end. The resulting candle is a shooting star, and of course it suggests that we are going lower, but in the end it really doesn’t say a whole lot as we are trying to figure out which direction we want to head. The biggest problem of course is the fact that there is so much support below and the since we are consolidating in a relatively tight range, we feel that it’s probably best to leave this market alone at the moment as both of the central banks are working on being as easy as possible.
Written by FX Empire