The USD/JPY pair rose during the session on Tuesday, showing that the market continues to have a little bit of a bid in it at lower levels. The question of course then becomes whether or not the US dollar can continue to go higher against the Japanese yen, which of course the Bank of Japan will be cheering on. We see quite a bit of resistance above here, so quite frankly we are a bit pressed to go along at this point. We think pullbacks should offer buying opportunities on supportive actions though.
Written by FX Empire