The USD/JPY pair rose during the session on Monday, breaking the top of the hammer that had formed on Friday area and this of course suggests that the market is ready to go higher. Nonetheless, it looks like the markets ready to bounce around in this potential consolidation area between the 97.50 level on the bottom, and the 99.00 level on the top. That being the case, we are short-term buyers of this marketplace, but recognize the fact that volatility and choppiness should continue going forward. We think ultimately this market does go higher, but the 99 handle has to be overtaken on a daily close in order to do that.
Written by FX Empire