The USD/JPY pair initially tried to rally during the day on Friday, but continues to find resistance above. However, after the impulsive candle from Thursday, I believe that we will eventually break out to the upside. I’m looking for support somewhere closer to the 112.50 level, or a breakout above the top of the shooting star to go long yet again. The 150 level above will be targeted, and that of course will be resistive. Given enough time, I believe that the buyers will win and we will reach towards the recent highs yet again.
Written by FX Empire