The USD/JPY pair initially tried to rally during the course of the session on Thursday, but found quite a bit of selling pressure, and ended up testing
The USD/JPY pair initially tried to rally during the course of the session on Thursday, but found quite a bit of selling pressure, and ended up testing the 123.50 handle. With this being the case, the market should find buyers somewhere below, but the 123 level below should be supportive. We also recognize that there is a lot of support below there as well. With this, we are simply waiting to see some type of supportive candle in order to start going long. The 125 level is massively resistive, so we think that we are going to have to continue to see the market try to build up momentum.
USD/JPY Forecast August 21, 2015, Technical Analysis
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.
