USD/JPY Forecast October 28, 2013, Technical Analysis

The USD/JPY pair fell during the bulk of the session on Friday, but as you can see found enough support at the 97 handle in order to form a pretty decent looking hammer. Because of this, we feel that the market will bounce from here, but it’s going to be a short-term bounce at best, as this market is extraordinarily choppy. That being the case, a break of the top of the hammer is enough to get us to start buying this market and aiming for the 98 handle. For selling is concerned, were not interested.

 

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Written by FX Empire