The USD/JPY pair rallied a bit during the course of the week, testing the 105 level for resistance. However, we ended up turning back around to form a
The USD/JPY pair rallied a bit during the course of the week, testing the 105 level for resistance. However, we ended up turning back around to form a less than impressive candle. It looks as if we are ready to continue to consolidate overall, but if we can break above the 106 level, I’m willing to start a “buy-and-hold” position as it would form a very bullish sign in my estimation, and with that I don’t have any interest in selling because not only do I see that potential, but I also see massive support below.
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.
