The USD/JPY pair fell during the session on Monday, testing the 102.50 level. This level has been supportive in the past, so we would not be surprised to see a little bit of a bounce from this point. However, it’s difficult to imagine that this market is going to make any type of massive move over the next couple of sessions, as the FMOC is meeting. It would not be until after an announcement that they made involving the US dollar that this market would be relatively free to go higher or lower. In the meantime, we still believe in the longer-term uptrend in this pair though.
Written by FX Empire