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The USD/JPY fell over the balance of the previous week, but formed to supportive candles on both Thursday and Friday, in order to show support just above the 78 handle yet again. The pair is currently stuck between 78 and 80 as consolidation, and as such we think that this is more of a short-term market right now.
As for long-term trading, if we manage to break above the 80.60 level we are more than willing to go long and hold this position for quite some time. As for selling, we simply won't do it as the Bank of Japan is working against the value of the Yen. On a break below 78, we would be more than willing to buy a supportive candle as the Bank of Japan will be closed intervening if we get below that level.