The USD/JPY pair fell hard during the week, as the Bank of Japan failed to add to the quantitative easing program like most traders expected. Because of
The USD/JPY pair fell hard during the week, as the Bank of Japan failed to add to the quantitative easing program like most traders expected. Because of this, the Yen rallied, and it now looks likely to reach towards the 105 level, as the next large, round, psychologically important number. The candle is a long one, so with this it’s possible that we simply cut below and start selling off. Any rally at this point in time will more than likely finds sellers as well, so that could be a selling situation also.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
