The USD/JPY pair initially fell during the course of the session on Tuesday, but found enough support below the 124 level to turn things back around and
The USD/JPY pair initially fell during the course of the session on Tuesday, but found enough support below the 124 level to turn things back around and form a hammer. Because of this, the market should then head towards the 1.25 handle given enough time, and with the Nonfarm Payroll Numbers coming out on Friday, we believe that this market could be fairly quiet of the next couple of sessions, so it may take a bit of patience to go long of this market. However, there is certainly no way whatsoever to sell this market as it is so well supported.
USD/JPY Forecast August 5, 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.
