The USD/JPY pair rallied on Tuesday, as we continue to see quite a bit of volatility in this pair. This is a market that continues to find buyers every time we drop, because of the relative “value” of the US dollar. Given enough time, this market should reach the 120 handle, but I prefer to see a much more stringent pullback in order to take advantage of what has been overextended rally. I have no interest whatsoever in selling this market, as the bullish pressure should only continue to strengthen over the longer term.
Written by FX Empire