USD/JPY pair initially fell during the day on Wednesday, but turned around to form a bit of a hammer. I do think that price is getting ready to rally a
USD/JPY pair initially fell during the day on Wednesday, but turned around to form a bit of a hammer. I do think that price is getting ready to rally a bit, but I see other global factors in the way that could create resistance to climb. I certainly wouldn’t recommend sell the Yen though, because we will more than likely to see the Bank of Japan get interested in intervention if we fall much farther than we recently have. In other words, I think this is essentially going to be “dead money” for the short-term.
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.
