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The USD/JPY pair had another back-and-forth week as the pair essentially went nowhere. We can see a bit of tightening in this pair, and it does look like there is a bit of bullish pressure as the lows continue to get higher; however it's more of a grind in less of a move, and as such is difficult to get too excited about at this point in time.
We do think eventually this pair does go higher, but it needs to see a clearing of the 80.60 level in order to break free of the resistance that currently holds it down. There is a “buy only” market for us as the Bank of Japan continues to work against the Yen. However, if the market does fall down towards the 78 handle, we would be more than willing to buy a supportive candle.