The USD/JPY pair initially tried to rally during the day on Friday but turned back around to form a bit of a shooting star. Because of this, it looks as
The USD/JPY pair initially tried to rally during the day on Friday but turned back around to form a bit of a shooting star. Because of this, it looks as if the market could pull back from here. However, there is a significant amount of support just below, and extending all the way down to the 108 level. If we do fall from here, it will probably be short-term at best. We would be willing to buy short-term pullbacks and show signs of support, and of course a break above the top of the shooting star would have us doing the same.
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.
