The USD/JPY pair broke higher during the course of the week, clearing the 110 handle. This is an area that should cause quite a bit of resistance though,
The USD/JPY pair broke higher during the course of the week, clearing the 110 handle. This is an area that should cause quite a bit of resistance though, so this point in time we are not comfortable buying this market from a longer-term perspective until we clear the 111 level. Once we do, we are buyers. On the other hand, if we pullback from here we could drop down to the 108 level again. This is a market that is probably best traded off of shorter-term charts at this point in time.
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.
